Bitcoin fell to as low as $64,600 during early Asian trading hours on Tuesday, resulting in the liquidation of leveraged positions totaling $480 million.
According to Coinglass data, over the past 24 hours, 190,144 traders faced liquidation, amounting to $480.93 million in total. Of this sum, $420 million constituted liquidations of long positions.
Binance, OKX, and HTX collectively saw liquidations of approximately $372 million in long positions. As of the latest update, Bitcoin has recovered slightly and is trading above $65,700. The decline in Bitcoin’s price also triggered a downturn in altcoins, with Ethereum decreasing nearly 4% over the same period to $3,450.
Altcoins Bleed As Entire Market Turns Red
In the past 24 hours, popular altcoins Solana (SOL), Toncoin (TON), and Cardano (ADA) have seen declines of 8%, 6%, and 8%, respectively.
Additionally, top meme coins have experienced significant drops. Dogecoin (DOGE) is currently trading at $0.1221, marking a nearly 10% decrease over the same period. Other meme coins like Shiba Inu, PEPE, Dogwifhat, and Floki have plummeted by more than 10%.
Federal Reserve Is Planning Only One Rate Cut in 2024
Last week, the Federal Reserve maintained its benchmark interest rate at 5.25% to 5.5%, the highest level in 23 years, indicating a cautious approach amid ongoing concerns about U.S. inflation.
Since July 2023, the Fed has held rates steady, despite inflation persisting above its 2% target, albeit showing some recent signs of easing.
In May, consumer prices rose 3.3% annually, a slight decrease from April’s 3.4%. The Fed acknowledged “modest” progress in curbing inflation but recognized that price pressures remain elevated.
In response, the Fed revised its 2024 outlook, now anticipating only one rate cut instead of the previously projected three. Fed Chairman Jerome Powell emphasized the need for further evidence of inflation moderation before considering any monetary policy adjustments.
