Fed Interest Rates Hike Spur Crypto Market Liquidations Of More Than $330 Million

The FOMC meeting held on Wednesday and its subsequent results deeply affected the state of the crypto market. Given the large swings in price during and after the meeting, liquidation volumes had quickly risen across the market. Tens of thousands of traders were caught in the crossfire in what has come out to be the largest liquidation trend in the last few months. Crypto Liquidations Reach $330 Million On Wednesday, the Fed had announced that it was raising interest rates by another 0.75 points. This decision directly impacted the crypto market as well as the broader macro markets, causing the price of bitcoin to plummet about 8% before a swift recovery. Related Reading: Bitcoin Dumps After Revisiting June Lows, Where Does The Bottom Lie? The decline triggered massive liquidations across the market. By Thursday, the total liquidation in the crypto market had crossed $330 million, with more than 88,000 traders affected. Given the decline, long traders had obviously suffered the most, but since the price had seen sharp recoveries too, short traders were also hit heavily. Liquidations cross $330 million | Source: Coinglass Of the $336 million in liquidations recorded in the last day, 58.96% were from long traders, meaning $138.13 million were from short liquidations. The largest single liquidation came from the Okex exchange, with a single trade worth $3.13 million across the BTC-USDT-SWAP pair. Ethereum Takes The Lead In r...