Crypto market sees over $190 million liquidated as Fed rate bets shift
CIE News ·
Over $190 million in crypto positions was liquidated in 24 hours as shifting Federal Reserve rate expectations and U.S. manufacturing data reversed weekend market gains.
Crypto markets liquidated more than $190 million across 24 hours, wiping out $114 million in long positions and impacting 64,622 traders. The downturn reversed a weekend price rise following U.S. manufacturing figures and shifting expectations surrounding the Federal Reserve's policy meeting on October 27 and 28. The total cryptocurrency market capitalization fell to roughly $3.02 trillion.
By 06:40 UTC on October 6, Bitcoin (BTC) slipped roughly 0.70% to trade between $85,296 and $85,303, while Ethereum (ETH) dropped to between $2,703 and $2,717. Over the same period, Solana (SOL) fell to $121.06, XRP declined to $1.51, and Dogecoin (DOGE) decreased to $0.0954. FinanceFeeds reported that Bitcoin was trading 32% below its record peak of $126,080, citing QCP levels of $87,400 resistance and $82,500 support.
Traders are adjusting positions in response to September nonfarm payrolls rising by 29,000 and 10-year Treasury yields hovering near 5.26%. Cointribune reported that the Federal Reserve raised rates at its September 15–16 session for the first time in more than three years, leaving the current target range at 3.75% to 4.00% ahead of its upcoming meeting minutes release on October 7.