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| BTCUSDT, Source: Tradingview. |
The cryptocurrency market witnessed a dramatic turnaround following the Federal Reserve's latest meeting, with Bitcoin leading the charge by skyrocketing over $7,000 in just a single day. This swift reversal came after a period of uncertainty and downward pressure on prices ahead of the FOMC meeting, but sentiments quickly shifted as the Fed revealed no significant changes to its monetary policy.
Bitcoin's price had been on a downward trajectory in the days leading up to the meeting, dipping below the $61,000 mark amid concerns over potential Fed announcements. However, Chairman Jerome Powell's assurance that interest rates would remain unchanged for the time being triggered an immediate 4% spike in Bitcoin's price, ultimately pushing it past the $68,000 mark.
While Bitcoin has since retraced slightly, it still trades comfortably above $67,000, marking a significant 9% gain for the day. The positive momentum extended to altcoins as well, with Ethereum surging by 13% to surpass $3,500, Solana adding 15% and reaching $190, and Dogecoin experiencing a 20% surge to trade above $0.15.
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| BTC/USDT Liquidation Heatmap, Source: Coinglass |
However, the volatile price movements have taken a toll on over-leveraged traders, with nearly 100,000 positions liquidated within a single day. The total value of liquidated positions stands at over $320 million, with the largest single liquidation occurring on Binance, amounting to $7 million.
This rapid turnaround underscores the inherent volatility of the cryptocurrency market and the importance of staying informed and vigilant amidst sudden price fluctuations. As investors navigate these turbulent waters, caution and risk management remain paramount to mitigating potential losses and capitalizing on profit opportunities.
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