Crypto Market Plunges $700M as BTC, ETH, XRP Suffer Heavy Losses
The cryptocurrency market has seen a significant downturn, with Bitcoin (BTC) plummeting to a ten-day low and liquidations reaching nearly $700 million. The market crash occurred on Tuesday morning, just ahead of the US Federal Reserve's interest rate decision. BTC had maintained above $64,000 over the weekend before jumping to a multi-day peak of $65,600 on Monday.
However, it failed to break through this resistance twice, resulting in a violent rejection that sent the asset south by nearly $3,000 in hours. As a result, BTC plummeted to $63,000 for the first time since July 17, according to data from TradingView. This significant drop has led to widespread liquidations, with over 165,000 participants affected in the past 24 hours.
Other popular cryptocurrencies such as Ethereum (ETH) and XRP have also seen significant declines, with ETH losing $100 and XRP slipping below $1.10 support. The market uncertainty surrounding a potential interest rate hike has taken its toll on risk-on assets like crypto.