Liquidation of the cryptocurrency market reached $ 617 million per day

Bitcoin BTC $94,398.00 Mezo Wrapped BTC -0.61% Market capitalization $48.5 million VOL. 24 hours $3.35 billion suffered its sharpest drop since March, falling to $ 93,000 during Asian trading on Monday. The reason for this was a change in market expectations for a December rate cut by the US Federal Reserve, which triggered a wave of sales of risky assets. The probability of a rate cut fell to 40% - down from over 60% a week ago — and this forced investors to cash out.

Over the past day, the volume of liquidations on the crypto market reached $ 617 million, of which $ 394.5 million were long positions and $ 223 million were short. Bitcoin lost $ 242 million, Ethereum ETH $3,073.43 Bridged Ether (StarkGate) 0.51% Market capitalization $72.71 million VOL. 24 hours $2.23 billion - $ 169 million. The largest single liquidation amounted to $ 30.6 million BTC on the Hyperliquid exchange. At the time of publication, Bitcoin was trading around $ 95,081, having lost 0.85% over the day. The total capitalization of the crypto market has fallen to $ 3.31 trillion.

Amid the decline in cryptocurrencies, bearish sentiment prevails in traditional markets as well. The Dow Jones, S&P 500, and Nasdaq Composite indices fell by 1.65%, 1.66%, and 2.29%, respectively. European markets are also showing negative dynamics: The DAX fell by 1.39%, the FTSE 100 by 1.05%, and the CAC 40 by 0.11%.

Fed Chairman Jerome Powell’s statements that a rate cut is «far from guaranteed» increased uncertainty in the markets. Against this backdrop, there have been outflows from Bitcoin ETFs, which only deepens the decline. Analysts note that the lack of liquidity during Asian night trading hours contributed to the sharper price movement.

Despite the overall decline, some assets are showing positive dynamics. In particular, XRP XRP $2.20 XRP 0.94% Market capitalization $132.15 billion VOL. 24 hours $0.4 billion rose by 0.3% to $ 2.24. Analysts continue to monitor the situation, assessing the impact of US monetary policy on the cryptocurrency market.