$700 Million in Liquidations as BTC, ETH, XRP Plunge Ahead of FOMC

Bitcoin’s Monday rally that drove it to $65,600 on a couple of occasions has come to a screeching halt, as the asset has not only erased all gains but plummeted even more to a ten-day low.

Most altcoins have followed suit, which has skyrocketed the daily liquidations to approximately $700 million.

The chart above paints a clear and painful picture. BTC had maintained $64,000 over the weekend before it jumped to a multi-day peak of $65,600 on Monday. It tried to take down that resistance twice, but it was stopped each time.

The second rejection was quite violent as it drove the asset south by nearly $3,000 in hours. Thus, BTC plummeted to $63,000 for the first time since July 17.

Popular analyst CRYPTOWZRD weighed in on the latest move south, indicating that the largest digital asset had closed bearish. They believe it’s essential for BTC to remain above the currently tested support at $63,000; otherwise, it could slump to new local lows.

ETH was yesterday’s top gainer, surging to a two-month peak of $1,980. However, it has lost $100 since then and now sits well below $1,900. XRP has dumped by 4.5% to $1.06, thus slipping below the coveted $1.10 support. SOL is down by a similar percentage, while HYPE has plummeted by 6%.

Expectedly, this big market move has harmed over-leveraged traders, as more than 165,000 such participants have been wrecked in the past 24 hours. The total value of liquidated positions has risen to almost $700 million on a daily scale. Naturally, BTC and ETH lead the pack.

This morning’s market crash comes just a day before the US Federal Reserve is scheduled to announce its interest rate decision, and the uncertainty around a potential hike has harmed risk-on assets like crypto.