Crypto Market Chaos: $1 Billion Liquidated as Bitcoin and Altcoins Dive

Crypto Market Faces $1 Billion in Liquidations Amid Fed’s Hawkish Stance and Bitcoin Dip

The cryptocurrency market has experienced a significant downturn, resulting in over $1 billion worth of leveraged liquidations within just 24 hours. This dramatic sell-off was largely influenced by the Federal Reserve's hawkish stance on interest rates combined with a sharp decline in Bitcoin prices. According to The Currency Analytics, long positions were hit hardest, accounting for approximately $878 million of the total liquidations.

This turmoil saw Bitcoin's price fall below $19,600 before slightly recovering above $19,700 at the time of reporting. Other cryptocurrencies also suffered substantial losses; Ethereum dropped by 8%, Ripple lost 5%, while altcoins like Solana and Dogecoin faced even steeper declines.

Bitcoin Cash Price Forecast: Investors Flee as Crypto Crash Deepens

A recent report from FXStreet highlights that around 40,000 investors have sold off their holdings in Bitcoin Cash (BCH) amid an ongoing crypto crash led by major players like BTC and ETH. BCH plunged to a low of $139 after experiencing a steep drop since early December when it traded at about $263.

The mass liquidation reflects heightened anxiety among investors who are retreating due to current uncertainties. Technical analysis suggests that BCH faces strong resistance at the $150 level which could further reinforce bearish sentiment if not surpassed soon.

Crypto Markets Plunging Down as Bitcoin Drops Below Key Levels

Coinpedia Fintech News reports that Bitcoin recently fell below the critical threshold of $19,400 following its all-time high earlier this month at over $22,800. This rapid pullback erased weeks' worth of gains across various altcoins too—many losing between 10% - 20%. Despite these setbacks, some analysts believe there is potential upside should bulls manage to secure pivotal support levels once more during what appears now to be a merely temporary correction phase rather than an end-of-bull-market scenario entirely yet, according to experts consulted. The article itself shared insights into possible future developments regarding the ongoing situation and provided contextually relevant information about changes occurring in the rapidly evolving sector of the economy driven by technological advancements.

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Article Summary

The cryptocurrency market faced over $1 billion in liquidations due to the Federal Reserve's hawkish stance and a sharp Bitcoin price drop, with long positions suffering most. This downturn also led to significant losses across other cryptocurrencies like Ethereum and Ripple, while Bitcoin Cash saw 40,000 investors sell off their holdings amid heightened anxiety.