The crypto market experienced a remarkable bullish reaction after the long-anticipated rate cut by the U.S. Federal Reserve, triggering increased liquidations.
Fed Rate Cut Sparks a Chained Liquidations Event
According to data taken from Coinglass, the total crypto liquidations jumped by 46% over the past day, hitting almost $200 million. The majority of the liquidated positions, worth $126 million, are shorts due to the market-wide bullish trends.
Bitcoin is dominating the chart with $75 million in liquidations following a 2.9% price boost. BTC is currently trading around the $62,000 level.
Notably, the largest single liquidation, worth $8.9 million in the BTC-USD pair, occurred on the Bybit crypto exchange, per Coinglass data. In total, over 66,000 traders have been liquidated in the past 24 hours.
Ethereum secured the second spot with over $35 million in liquidations as it’s price exceeded the $2,400 mark.
Despite the increased liquidations, the total crypto open inte
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