bitcoin The cryptocurrency market has lost its gains over the past week as Ethereum and Ethereum price failed to sustain key support levels ahead of the FOMC meeting on July 27. The market has liquidated over $250 million as a result of nearly 80,000 traders being liquidated in the last 24 hours.
Expectations continue to raise the possibility of a 100 basis point rate hike by the Federal Reserve. The probability of a 75 basis point rate hike was 80% last week, but this week it has dropped to 75%.
While economists continue to expect a 50-75 basis point rate hike, the Fed points out that it will slow rate hikes after this month’s 75-100 basis points hike.
Bitcoin (BTC) and Ethereum (ETH) price dropped to $20,895 and $1,380 today, dropping below key psychological levels of $22,800 and $1,500.
According to data shared by Coinglass, approximately 80,000 traders have been liquidated in the last 24 hours, and the total liquidation amount is approximately 250 million became dollars. Among the top cryptocurrencies, Ethereum recorded the highest liquidation of over $109 million, while Bitcoin (BTC) followed Ethereum with over $56 million in liquidation.
Ethereum Classic (ETC), Solana (SOL), Polygon (MATIC), Ripple (XRP), Avalanche (AVAX), Cardano (ADA), ApeCoin (APE), Optimism (OP), Stepn (GMT) and Dogecoin (DOGE) It was among the top cryptos liquidated in the last 24 hours.
At the time of writing, Bitcoin (BTC) registered $46.69 million long positions and $9.80 million short position liquidations on crypto exchanges. Ethereum (ETH), on the other hand, witnessed $91.69 million long and $18.36 million short liquidation in the last 24 hours. Okex, Binance and FTX exchanges recorded the most liquidations.
Weak cryptoassets and the global stock market suggest that the US Federal Reserve may surprise markets with a more aggressive rate hike as energy and food prices continue to rise.
According to the CME FedWatch Tool, the probability of a 75 basis point rate hike is 76%. However, the probability of a 100 basis point rate hike is as low as 24%. The Fed is likely to closely analyze energy, food and housing prices to decide on monetary policy.
Crypto analysts expect Bitcoin and Ethereum prices to stay above the $20,000 and $1,200 levels despite the interest rate hike.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.