Bitcoin taps $35k then retraces, sparking massive liquidation before Fed decision

exchange68September 12, 2024

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Quick Take

Bitcoin experienced a significant price moment, reaching the $35,000 mark just before the impending Federal Reserve interest rate decision scheduled for 2 p.m. GMT, causing noticeable turbulence in the crypto market.

In the wake of this price movement, the market experienced nearly $100 million in liquidations in the past 24 hours, with $20 million originating directly from Bitcoin. Notably, over half of these liquidations were witnessed from short positions.

In the subsequent hour, the market continued to feel the impact with an additional $11 million in Bitcoin liquidations and $20 million in total for the entire crypto sector, primarily from short positions.

24 Hour Liquidations: (Source: Coinglass)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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