Bitcoin and Altcoins Plummet – Here’s Why and Latest Liquidation Data

The cryptocurrency market faced a sudden decline, led by Bitcoin. The world's largest cryptocurrency lost 5.74% of its value in the last 24 hours.

BTC is trading at $98,074 at the time of writing.

BTC fiyatında yaşanan genel düşüşü gösteren grafik.

The reason for the decline is thought to be the hawkish FOMC statements following the FED's expected 25 basis point rate cut announcement yesterday and the hawkish speech made by FED Chairman Jerome Powell during the press conference that interest rate cuts would slow down.

While the FED's dot plot chart previously predicted four interest rate cuts in 2025, this number was reduced to two with the revision made yesterday.

However, many cryptocurrencies in the altcoin world are also seeing double-digit declines. Ethereum price has fallen by 10.61% in the last 24 hours and is trading at $3,472 at the time of writing.

Among the top 100 cryptocurrencies, those that experienced the biggest declines were LDO, RUNE, GALA, FLOKI and PENGU, respectively.

The sudden decline in the market also brought with it a large amount of liquidation. According to the latest data, there was a massive liquidation of $1.05 billion in the cryptocurrency market in the last 24 hours, $911 million of which were in long positions.

Graph showing liquidations in the last 24 hours.

Bitcoin ranked first among the cryptocurrencies that experienced the most liquidation, followed by Ethereum, Dogecoin, XRP and Solana.

*This is not investment advice.