Crypto Market Suffers $369 Million Liquidation Wave Amid Rate Hike Fears

A $369 million liquidation wave hit the crypto market on Wednesday, affecting over 90,000 traders who used high leverage.

The largest altcoins, including XRP, Ether, and Solana, dropped alongside Bitcoin as rising oil prices and Treasury yields pushed the Federal Reserve to raise interest rates in September.

The U.S. Securities and Exchange Commission (SEC) proposed a blockchain overhaul that directly affects long-term investors, aiming to integrate blockchain technology into traditional finance.

The SEC's move bypassed Congress's Clarity Act, with a roundtable scheduled for September 17 to discuss the launch of continuous trading in traditional stocks.