Crypto Market Sees $369M Liquidation Wave Amid Rising Oil Prices

The cryptocurrency market has seen a massive $369.67 million liquidation wave, affecting XRP, Ethereum, and Solana due to rising oil prices, higher U.S. Treasury yields, and expectations of a Federal Reserve rate hike.

Over 90,000 leveraged traders were liquidated, with long positions making up the majority of losses. Bitcoin fell by about 1.3% to $42,800, while Ethereum and Solana dropped around 2% and 3.5%, respectively.

The sell-off is driven by macroeconomic concerns including inflation and Fed policy, as well as ongoing regulatory discussions in the U.S.