Bitcoin slipped beneath the $63,000 threshold, settling at $62,644 and shedding more than 5% of its value within the past 24 hours.
Broader Crypto Decline
Ethereum fell to $1,689, registering a decline of over 5% as investors reacted to the same pressure that hit Bitcoin. Binance Coin (BNB) slipped to $576, down 4.90%, while XRP dropped to $1.14, a loss of 5.83%. Solana’s price reached $68.79, marking a 6.98% decrease, and Hyperliquid experienced the steepest fall among the top ten, tumbling more than 11%.
Futures Market Liquidations
Liquidations in the crypto futures market surged to $599.69 million over the last day, with long positions accounting for $496.27 million and short positions for $103.42 million. In the most recent four‑hour window, traders liquidated $267.62 million worth of contracts, underscoring heightened volatility for investors.
Underlying Factors
The Federal Reserve’s hawkish commentary following its latest interest‑rate decision amplified risk aversion across the blockchain sector. Investors interpreted the Fed’s stance as a signal to reduce exposure, prompting the broad market sell‑off. Meanwhile, Strategy’s preferred stock STRC fell to an all‑time low of $85.32, trading below its $100 nominal value and reflecting broader market skepticism.