The cryptocurrency market has experienced a sharp decline in the last 24 hours. Total market capitalization has decreased by billions of dollars, and $1.24 billion worth of positions have been liquidated.
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.
On an asset basis:
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:
