Bitcoin experienced a meteoric rise of over $7,000 following the Federal Reserve’s recent meeting, resulting in $320 million worth of liquidations in the market.<\/p>\n\n\n\n
Ahead of the Federal Open Market Committee (FOMC) meeting, the market was struggling, with Bitcoin’s value declining for several days in a row, dropping below $61,000 due to concerns over potential announcements from the US Federal Reserve regarding its monetary policy.<\/p>\n\n\n\n
Nevertheless, the situation took a positive turn yesterday when the Federal Reserve revealed it would not make any significant changes to its policy, prompting a market-wide recovery.<\/p>\n\n\n\n
According to CryptoPotato, Bitcoin had reached its lowest price in over two weeks, falling below $61,000 that morning, amid profit-taking activities by certain investors like miners, substantial outflows from the prominent Bitcoin ETF, and apprehensions about the FOMC meeting’s results.<\/p>\n\n\n\n
Bitcoin began to recover, gaining about $1,000 in the next 12 hours. The real turnaround, however, occurred after the Federal Reserve’s announcement at its second FOMC meeting of the year, where Chairman Jerome Powell indicated that the bank would not increase interest rates further for the time being.<\/p>\n\n\n\n
Bitcoin’s price surged by 4% immediately after this announcement, eventually climbing to over $68,000, which translates to an addition of more than $7,000 in under 24 hours.<\/p>\n\n\n\n
Although Bitcoin has seen a slight decrease since that peak, it is still trading above $67,000, marking a 9% increase for the day. Many altcoins have also seen significant gains, with Ethereum rising by 13% to more than $3,500, Solana growing by 15% to $190, and Dogecoin increasing by 20% to over $0.15.<\/p>\n\n\n\n
This period of intense price fluctuation has been detrimental for over-leveraged traders, resulting in nearly 100,000 traders being liquidated in the last day alone. The total liquidated positions exceeded $320 million, with the largest single liquidation occurring on Binance, valued at $7 million.<\/p>","protected":false},"excerpt":{"rendered":"
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