Bitcoin’s decline resulted in the liquidation of more than $420 million in longs within a 24-hour period
During the early Asian hours on Tuesday, the leading cryptocurrency Bitcoin experienced a decline as low as $64,600, resulting in the liquidation of leveraged positions at $480 million.
According to Coinglass data, 190,144 traders were liquidated within the last 24 hours, resulting in a total of $480.93 million in liquidations. Of this amount, $420 million was allocated to long positions.
Binance, OKX, and HTX liquidated approximately $372 million in long positions. Bitcoin is currently trading above $65,700, indicating a modest recovery at the time of writing. The altcoins experienced a similar decline as a result of the decline in the leading cryptocurrency. Currently, Ethereum is trading at $3,450, a decrease of nearly 4% over the past 24 hours.
Solana (SOL), Toncoin (TON), and Cardano (ADA) are down 8%, 6%, and 8%, correspondingly. The prices of the most popular meme coins have declined even further in the past 24 hours. In the past 24 hours, Dogecoin (DOGE) has experienced a nearly 10% decline in value, currently trading at $0.1221. Other meme coins, such as Shiba Inu, PEPE, Dogwifhat, and Floki, have experienced a decline of over 10%.
As previously reported, the Federal Reserve maintained its benchmark interest rate at 5.25% to 5.5%, the highest level in 23 years, citing the necessity of additional evidence that U.S. inflation is declining.
Since July 2023, rates have remained consistent, and inflation remains above the Federal Reserve’s 2% objective, despite recent reduction.
In comparison to April’s 3.4% increase, the government reported a 3.3% annual increase in consumer prices for May. The Federal Reserve observed “modest” progress in the reduction of inflation, but it also acknowledged that price increases continue to be elevated.
As a result, the Federal Reserve anticipates only one rate reduction in 2024, a reduction from its previous projection of three. Fed Chairman Jerome Powell stated that the most recent Consumer Price Index report is encouraging; however, additional evidence is required prior to any relaxation of monetary policy.
