Why Did Bitcoin (BTC) Price Plummet? Here is the Probable Reason and Liquidation Data

The cryptocurrency market started the day with a red picture again. Bitcoin price increased last night and exceeded $ 67,000. However, crypto followers woke up to a surprise this morning.

Bitcoin price has fallen more than 2.5% in the last 12 hours, falling to $64,500 at its bottom. At the time of writing this article, it is trading at $65,652.

Graph showing the recent decline in BTC price.

The reason for the decline is the hawkish speech made by FED President Jerome Powell after the FED kept interest rates constant last week, and in addition to the publication of the dot plot chart predicting an interest rate cut of only 25 basis points in 2024. In addition, FED member Harker said in his statement yesterday that he foresees only one interest rate cut this year. Harker said that he saw no interest rate cut this year as one of the possible scenarios.

When we look at the liquidation side, we see that an incredible $245 million position has been liquidated in the last 12 hours. 225 million dollars of these were in long positions.

Among the cryptocurrencies that were liquidated the most in the last 12 hours, Ethereum took the lead with $49 million, followed by Bitcoin with $37 million.

*This is not investment advice.

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