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Monday, July 22, 2024

Bitcoin Skyrockets by Over $7K Following Fed’s Latest Meeting, Leaving $320M Liquidated

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Bitcoin’s price was heading south for several consecutive days, culminating in a price dump below $61,000 yesterday amid fears of what the US central bank will announce in regards to its monetary policy.

However, the asset went on a roll yesterday after the Federal Reserve outlined no significant changes. The rest of the market followed suit.

BTCUSD. Source: TradingView

CryptoPotato reported yesterday morning’s price declines, which drove BTC to its lowest price tag in over two weeks of under $61,000. This transpired amid the ongoing profit-taking by a certain cohort of investors, such as miners, the significant spot Bitcoin ETF outflows, and the fears regarding the outcome of the FOMC meeting.

The landscape sort of improved in the next 12 hours as Bitcoin had recovered around a grand. However, the actual improvement came after the US Federal Reserve’s second FOMC meeting for the year, in which Chairman Jerome Powell said the central bank would not be raising the interest rates any further, at least for now.

BTC reacted with an immediate 4% spike, followed by a more gradual increase to over $68,000. This means that the asset had added over $7,000 in less than a day.

Despite losing some ground since then, Bitcoin still trades above $67,000, meaning that it has gained 9% on the day. Most altcoins have followed suit, with ETH skyrocketing by 13% to over $3,500, SOL adding 15% and tapping $190, while DOGE has shot up by 20% and sits above $0.15.

These volatile price movements have harmed over-leveraged traders, with nearly 100,000 getting wrecked in the past day. The total value of liquidated positions is at over $320 million, while the single-largest one was on Binance – worth $7 million.

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