Crypto Markets Plummet as Rising Macro Fears Hit Bitcoin Price

The crypto market is experiencing a downturn, with Bitcoin's price retreating to around $77,770. This decline has been attributed to a combination of factors, including a significant wave of liquidation in Bitcoin futures and a drop in demand for Bitcoin ETFs.

According to CoinGlass data, approximately $386 million in crypto positions were liquidated, with nearly $270 million being long positions. This massive sell-off pushed the price back towards its support zone near $77,900.

The market's volatility has been exacerbated by a hawkish rate outlook and commodity inflation concerns. The CME's FedWatch tool indicates a 60.2% chance of a Fed rate hike at the next meeting, adding pressure to risk assets.