Read full article at CryptoPotato.

Bitcoin’s price took a nosedive on Thursday after stocks retraced gains made following yesterday’s Federal Open Markets Committee Meeting (FOMC). It fell to $36,520 – the cryptocurrency’s lowest price since Russia invaded Ukraine. 

  • At FOMC on Wednesday, Federal Reserve Chairman Jerome Powell announced the first 0.5% interest rate hike since May of 2000. He set future expectations for further 50 basis point hikes later this year. 
  • However, he also claimed that 75 basis point hikes were mostly off the table. Both Bitcoin and stocks responded positively at the time, each pumping by roughly 2% each. 
  • The optimism appears short-lived, however: The S&P 500 has since lost those gains, down 3.3% on the day. Meanwhile, Bitcoin’s price began to plunge at roughly 13:20 UTC, from about $39,400 down below $37,000 in 2 hours.
  • The crash appears to have coincided with a liquidation cascade. Coinglass reports $146 million in crypto liquidations within the past hour alone, with $68 million in Bitcoin losses. 
  • That’s over two-thirds of the liquidations to take place in the last 12 hours, and nearly half of the liquidations over the past day. 
  • The last time liquidations of this size took place was in mid-April, when mid-March’s hype around Terra’s Bitcoin buys appeared to die off.
Bitcoin / USD: Source: TradingView

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



Comments are closed


Our Other Projects - Premium Domain Names. - Social Network - Mid-century Paris NFTs, tokenized on the WAX blockchain. - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible. - Classic Automobile News.