Total market capitalization has declined by almost $100 billion in less than 24 hours before and after the Federal Reserve’s meeting on Wednesday. The metric is now at around $2.52 trillion after falling from just below a six-week high of $2.61 trillion on Wednesday.
Over the past 24 hours, around 136,000 traders were wrecked, with total liquidations coming in at $452 million. The majority, or around 85% of them, were leveraged long positions in Bitcoin.
The big slump has sent markets back towards the middle of their six-week range-bound channel, wiping out most of the gains from the recent rally.
Hawkish Fed Rattles Traders
The dump began before the meeting but continued after Fed chair Jerome Powell’s comments that there may only be one rate cut this year. The US central bank kept rates the same at 3.5% to 3.75% in a widely expected move yesterday.
Fed policymakers maintained their forecast for an additional rate cut this year, but Powell suggested that the central bank remains
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