$359,000,000 in Bitcoin and Crypto Liquidated in Just 24 Hours as BTC Takes Back $28,000
Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates.
According to data from market intelligence firm Coinglass, $359 million worth of crypto was sold in the last 24 hours.
The liquidation was likely caused by the Federal Reserve raising interest rates again, this time by 25 basis points on Wednesday, in the agency’s bid to curb inflation.
When the rate hike was announced, Bitcoin’s price momentarily dipped into the high $26,000 level. Bitcoin has since recovered and is trading at $28,646 at the time of writing.
Other cryptos also saw significant price drops.
Per Coinglass, Bitcoin was the most liquidated, followed by Ethereum (ETH).
Nearly $33 million in Bitcoin was liquidated while nearly $19 million in Ethereum was wiped out.
ETH traded at a Wednesday high of $1,822 and fell to a low of $1,718. ETH has also since recovered and is worth $1,836 at the time of writing.
Other notable virtual assets that saw more than $1 million in sales include Litecoin (LTC) and XRP, with $2.11 million and $1.22 million liquidated respectively.
Ethereum competitor Conflux Network (CFX) had nearly $842,000 liquidated, while other smart contract platforms also saw six-figure sales. Solana (SOL) had $811,000 liquidated and Cardano (ADA) had almost $485,000.
Other major sales included the governance token of privacy-centric crypto project Mask Network (MASK), which had liquidated $659,000 worth, layer-1 blockchain Aptos (APT), which sold off $641,000 worth, and the meme token Dogecoin (DOGE) ), which so $603,570 worth withdrawn from the markets.
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Featured image: Shutterstock/wacomka
