The crypto market has turned red even after the pre-FOMC announcement rally, with Bitcoin edging closer to $35,000 and altcoins taking a beating.
Bitcoin is continuing to fall on Friday, as the stock market opens in a wave of red, signaling further weakness. According to TradingView, the flagship cryptocurrency fell to $35,268 on Bitstamp, its lowest level in ten weeks.
Following the Federal Reserve’s 50 basis-point interest rate hike, the US equity market had one of its worst days ever yesterday, and Bitcoin followed suit, plummeting more than 10% in one day, its biggest drop in two months.
Although it has since climbed to $1.645 trillion, the global cryptocurrency market has lost about $145 billion at the time of writing, down from $1.79 trillion less than 48 hours ago.
Ethereum, the second-largest cryptocurrency, is down 9% from its pre-FOMC announcement levels, while other altcoins are also down significantly. LUNA, SOL, AVAX, and ADA, for example, have all plummeted 9 percent, 14 percent, 17 percent, and 14 percent respectively from their pre-FOMC announcement levels.
Long orders have been liquidated in big numbers as the majority of the crypto market’s values have fallen in recent hours. According to coinglass statistics, long orders constitute 72.51 percent of total liquidations.
78,908 traders liquidated their long orders across the cryptosphere, bringing the total value liquidated to more than $296 million in just 24 hours.
Bitcoin has been extremely volatile in recent weeks, losing six weeks in a row so far after April ended with the lowest returns in history, and this pattern appears to be set to continue in May.