The crypto market loses last week’s gains as Bitcoin and Ethereum prices fail to sustain key support levels ahead of the FOMC meeting on July 27. The crypto market saw over $250 million in total liquidations, with nearly 80,000 traders liquidated in the last 24 hours.
The rising FUD this week pushes the probability of a 100 bps rate hike by the Federal Reserve higher. The probability of a 75 bps interest rate hike has come down to 75% from over 80% last week.
While economists expect a 50-75 bps rate hike, the Fed hints at slowing rate hikes after a 75-100 rate hike this month.
Bitcoin and Ethereum Liquidations Rise Ahead of Fed Rate Hike
The Bitcoin (BTC) and Ethereum (ETH) prices have fallen lower to $20,895 and $1,380 today, breaking below the key psychological levels of $22.8k and $1500 levels.
As per data by Coinglass, nearly 80,000 traders were liquidated in the last 24 hours, with total liquidations of almost $250 million. Among the top cryptocurrencies, Ethereum recorded the highest liquidations of over $109 million. Bitcoin (BTC) follows Ethereum with over $56 million in liquidations.
