Crypto Market Slumps 2% Ahead of Fed Rate Decision
The cryptocurrency market experienced a decline on Tuesday as Asian tech stocks tumbled ahead of the Federal Reserve's interest rate decision. Bitcoin, Ethereum, XRP, and Dogecoin all slid by around 2%.
According to Coinglass data, 133,415 traders were liquidated in the past 24 hours, resulting in losses totaling $620.81 million. This is a significant increase from previous days.
Meanwhile, SoSoValue reported net outflows of $11.6 million from spot Bitcoin ETFs on Friday, while spot Ethereum ETFs saw net inflows of $9.23 million.
Crypto chart analyst Ali Martinez noted that Bitcoin has lost its key $63,800 support level, weakening its technical structure and potentially leading to a target price of $60,000 unless bulls quickly reclaim the lost support.