Bitcoin’s price has experienced a significant drop overnight, leaving many crypto enthusiasts puzzled. The price surged past $67,000 before plummeting more than 2.5% in the last 12 hours, reaching a low of $64,500. Currently, it is trading at $65,652.
The likely catalyst for this decline was the hawkish remarks made by FED President Jerome Powell following the decision to maintain interest rates last week. The publication of a dot plot chart indicating a potential interest rate cut of only 25 basis points in 2024 added to the uncertainty. Additionally, FED member Harker’s statement yesterday suggesting only one interest rate cut this year further fueled market anxiety.
In the past 12 hours, a staggering $245 million worth of positions have been liquidated, with $225 million in long positions alone. Among the cryptocurrencies hit the hardest, Ethereum saw $49 million in liquidations, followed by Bitcoin with $37 million.
As the market continues to be volatile, it is essential to stay informed and cautious. Remember, this is not investment advice. For those looking to explore more than 300 cryptocurrencies, consider registering on Binance exchange with a 20% commission discount. Stay updated with exclusive news, analytics, and on-chain data by following our Telegram and Twitter accounts.
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