The cryptocurrency market has seen a sharp sell-off in recent hours, with Bitcoin (BTC) down 1.79% to $101,766, struggling to hold on just above its $2 trillion market capitalization.
While the 24-hour trading volume reached $59.8 billion, over $631 million worth of positions were liquidated across the total market.
The decline was driven by the growing likelihood that the Fed would hold interest rates steady in December. The subsequent wave of liquidation also deepened the decline.
Currently, prediction markets are looking at a 27% chance that the Fed will not cut interest rates.
The majority of the liquidations over the last 24 hours came from long positions. A total of $631 million worth of positions were liquidated, $526 million of which came from long positions.
In the last hour alone, $256 million worth of liquidations occurred.
The cryptocurrencies that were liquidated the most in the last 24 hours were as follows:
- Bitcoin: $166.85 million
- Ethereum: $163.97 million
- Popcat: $63.08 million
- Solana: $33.8 million
In parallel with the decline in Bitcoin, Ethereum fell by 2.27%, Solana by 2.92%, and BNB by 2.23%.
*This is not investment advice.