Bitcoin accounted for roughly $370 million of total liquidations, while Ethereum saw $189 million wiped out.
- Bitcoin fell to $111,000 following Powell’s hawkish stance on monetary policy on Wednesday.
- Crypto liquidations topped $800 million in 24 hours, led by long positions.
- XRP led losses among top cryptocurrencies, while Binance Coin was the only gainer.
Bitcoin (BTC) fell to $111,000 on Thursday amid a broader selloff across cryptocurrencies after Federal Reserve Chair Jerome Powell signaled that a rate cut in December is not guaranteed.
“A rate cut in December is far from a foregone conclusion.”
– Jerome Powell, Chair, Federal Reserve
BTC’s price slipped 2.5% over the past 24 hours, but retail sentiment on Stocktwits improved slightly to ‘neutral’ from ‘bearish’ territory. The selloff wiped 2.1% from the total cryptocurrency market capitalization, now at roughly $3.8 trillion. Excluding Bitcoin, the broader market (TOTAL2) was largely stable, edging down just 0.24%.
“Yesterday, U.S. Spot Bitcoin ETFs saw a net outflow of –$93M, highlighting rising sell pressure from TradFi investors and renewed weakness in institutional demand,” said on-chain analysis firm Glassnode in a post on X.
Crypto Market Liquidations Top $800 Million
CoinGlass data showed that total crypto liquidations exceeded $800 million in 24 hours — $662 million from long positions and $166 million from shorts. Bitcoin accounted for $370 million of the total, while Ethereum saw about $189 million liquidated.
Ripple’s native token XRP (XRP) led losses among the top 10 cryptocurrencies by market capitalization. XRP’s price was down 3.5% in the last 24 hours. On Stocktwits, retail sentiment around the token remained in ‘bullish’ territory over the past 24 hours.
Meanwhile, Ethereum (ETH) declined 2.3% and Dogecoin (DOGE) slipped 2.4%. Retail sentiment around the leading altcoin improved to ‘bullish’ from ‘neutral’ territory, while sentiment around the meme token remained in the ‘bearish’ zone.
Both Cardano (ADA) and Solana (SOL) dropped about 2%. Binance Coin (BNB) was the only major token in positive territory, gaining 0.9%.
Investor Focus Turns To Fed Policy Path
On the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.08% lower in pre-market trading. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) fell 0.62%. Crypto-exchange Coinbase (COIN) moved 0.78% higher.
The Federal Open Market Committee (FOMC) voted 10-to-2 to cut rates by 25 basis points at its latest meeting. Governor Stephen Miran, a Trump appointee, again pushed for a 50-basis-point reduction, while Kansas City Fed President Jeff Schmid voted to hold rates steady.
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