Leveraged long positions, in particular, suffered major losses following Jerome Powell’s statements.
Fed Chair Jerome Powell cut the policy rate by 25 basis points to 4.00% at yesterday’s meeting. However, instead of the dovish comments markets were expecting, Powell’s hawkish tone dampened investors’ risk appetite.
Powell had said in December that a rate cut was not a certainty and argued that a pause in rate cuts would be appropriate.
Bitcoin fell 3.86% in the last 24 hours to $107,465, while Ethereum fell 5.87% to $3,769.
In the last hour, Bitcoin price fell by 0.31% and Ethereum by 0.13%.
According to the data, a total of $1.24 billion worth of positions were liquidated in the last 24 hours. $1.10 billion of this consisted of long positions and $140.76 million of short positions.
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On an asset basis:
- Bitcoin: $500.76 million
- Ethereum: $273.43 million
- Solana: $88.68 million
- TRUMP: They were the ones that were liquidated the most, with $34.31 million.
More than $148 million worth of positions were liquidated in the last hour alone.
Along with Bitcoin, the decline in major altcoins accelerated in the last 24 hours:
- BNB: Down 3.46% to $1,071.
- XRP: Down 7.61% to $2.45.
- Solana (SOL): fell 7.27% to $183.
*This is not investment advice.
Continue Reading: Bitcoin and Altcoins Are Falling – Here’s Why and the Liquidation Data
