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What Caused the Sharp Drop in Bitcoin (BTC) Price? Here’s the Likely Explanation and Liquidation Figures
The price of Bitcoin has taken a significant tumble since last night. What could have triggered this decline? Let’s delve into the potential reasons.
Author:
Mete Demiralp
18.06.2024 – 08:58
Update:
9 seconds ago
0
The cryptocurrency market greeted the day with a sea of red once again. Bitcoin’s price surged last night, surpassing $67,000. However, crypto enthusiasts were met with a surprise this morning.
Over the past 12 hours, the price of Bitcoin has dropped by more than 2.5%, hitting a low of $64,500. As of the time of writing, it is trading at $65,652.
Chart illustrating the recent decline in BTC price.
The primary reason for this downturn is attributed to the hawkish remarks by FED Chairman Jerome Powell following the FED’s decision to maintain interest rates last week, coupled with the release of the dot plot chart projecting a modest 25 basis points interest rate cut in 2024. Moreover, FED member Harker mentioned in his recent statement that he anticipates only one interest rate cut this year, suggesting that no further cuts are on the horizon.
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A closer look at the liquidation data reveals a staggering $245 million worth of positions liquidated in the last 12 hours, with $225 million stemming from long positions.
During this period, Ethereum led the way in terms of liquidated funds with $49 million, closely followed by Bitcoin at $37 million.
*This does not constitute investment advice.
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