There was a sudden decline in the cryptocurrency market, led by Bitcoin. The world's largest cryptocurrency lost 5.74% of its value in the last 24 hours.
BTC is trading at $98,074 at the time of writing.
The reason for the decline is believed to be the hawkish FOMC statements after the FED's expected 25 basis point rate cut announcement yesterday and FED Chairman Jerome Powell's hawkish speech at the conference news that interest rates would be cut down.
While the FED's dot plot chart previously predicted four interest rate cuts in 2025, this number was reduced to two with yesterday's revision.
However, many cryptocurrencies in the altcoin world are also seeing double-digit declines. The price of Ethereum has fallen by 10.61% in the last 24 hours and is trading at $3,472 at the time of writing.
Among the top 100 cryptocurrencies, LDO, RUNE, GALA, FLOKI and PENGU were the ones that suffered the biggest decline.
The sudden downturn in the market also brought a lot of liquidation. According to the latest data, there was a massive liquidation of $1.05 billion in the cryptocurrency market in the last 24 hours, of which $911 million was in long positions.
Bitcoin was in first place among the cryptocurrencies that experienced the biggest meltdown, followed by Ethereum, Dogecoin, XRP and Solana.
* This is not investment advice.
