Over $420 Million in Longs Liquidated in 24 Hours as Bitcoin Dips

The leading cryptocurrency Bitcoin dipped as low as $64,600 during early Asian hours on Tuesday, which saw the liquidation of leveraged positions at $480 million.

As per the Coinglass data, in the past 24 hours, 190,144 traders were liquidated with the total liquidations coming in at $480.93 million, out of which $420 million were long positions.

Around $372 million in long positions were liquidated on Binance, OKX and HTX. At the time of writing, Bitcoin recovered slightly as it trades above $65,700. The slide in the leading cryptocurrency triggered a collapse in the altcoins as well. Ethereum dipped nearly 4% in the 24 hours as it currently trades at $3,450.

Altcoins Bleed As Entire Market Turns Red

Popular altcoins Solana (SOL), Toncoin (TON), and Cardano (ADA) are down 8%, 6%, and 8%, respectively.

Top meme coins have plummeted even further in the last 24 hours. Dogecoin (DOGE) is trading at $0.1221 is down nearly 10% in the last 24 hours. Other meme coins including Shiba Inu, PEPE, Dogwifhat and Floki are down well over 10%.

Federal Reserve Is Planning Only One Rate Cut in 2024

As reported last week, the Federal Reserve kept its benchmark interest rate unchanged at 5.25% to 5.5%, the highest in 23 years, citing the need for more evidence that U.S. inflation is cooling.

Since July 2023, rates have remained steady, with inflation still above the Fed’s 2% target despite some recent easing.

The government reported a 3.3% annual rise in consumer prices for May, slightly down from April’s 3.4%. The Fed noted “modest” progress in reducing inflation but acknowledged that price increases remain high.

Consequently, the Fed plans only one rate cut in 2024, down from an earlier forecast of three. Fed Chairman Jerome Powell stated that while the latest Consumer Price Index report is encouraging, more evidence is needed before loosening monetary policy.