Crypto Correction Hits $600M as FOMC Meeting Looms
The cryptocurrency market saw a significant correction in recent days, with over $600 million in liquidations across the market. This comes as investors await the FOMC meeting, where rate expectations are expected to rise, potentially putting pressure on crypto prices.
According to CoinGlass data, nearly $570 million of these liquidations came from long positions alone, marking one of the largest long-liquidation waves since August 22nd. Bitcoin (BTC) dropped below $75,000 for the first time since mid-August, while top-cap altcoins such as XRP and Ethereum (ETH) also fell.
Despite this correction, crypto is showing resilience, with Treasury yields pushing above 5% and ETF outflows exceeding $450 million on September 15th. This has led some to speculate that the current correction may be a healthy reset, rather than a sign of a broader market top.