By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Russia beefs up forces near Finland’s border
    Russia beefs up forces near Finland’s border
    May 20, 2025
    Is Trump walking away from peace in Ukraine? | US News
    Is Trump walking away from peace in Ukraine? | US News
    May 20, 2025
    How the U.S. is Tapping a Much Bigger Well in The Middle East
    How the U.S. is Tapping a Much Bigger Well in The Middle East
    May 20, 2025
    Biden’s cancer diagnosis renews transparency concerns; Trump claims coverup | Health News
    Biden’s cancer diagnosis renews transparency concerns; Trump claims coverup | Health News
    May 20, 2025
    Trump reveals difficult relationship with Zelensky — RT World News
    Trump reveals difficult relationship with Zelensky — RT World News
    May 20, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    6.3% Rally Fueled by DeFi Demand and Volume
    6.3% Rally Fueled by DeFi Demand and Volume
    May 20, 2025
    Price predictions 5/19: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    Price predictions 5/19: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
    May 20, 2025
    Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec
    Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec
    May 20, 2025
    Binance wants arbitration for all members of securities class suit
    Binance wants arbitration for all members of securities class suit
    May 20, 2025
    US Senate moves forward with GENIUS stablecoin bill
    US Senate moves forward with GENIUS stablecoin bill
    May 20, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: $200 Million Liquidated In Frantic Sell-Off
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Cryptocurrency > $200 Million Liquidated In Frantic Sell-Off
0 Million Liquidated In Frantic Sell-Off
Cryptocurrency

$200 Million Liquidated In Frantic Sell-Off

Published June 13, 2024
Share
4 Min Read
SHARE

Contents
Bitcoin, Ether ShakenCrypto Markets Feel The FOMC Pinch Global Economic Strategies Diverge

In a move that has left both traditional and crypto markets in disarray, the Federal Open Market Committee (FOMC) held its fourth policy meeting of the year on June 12 and decided to keep interest rates steady at their current range of 5.25% to 5.5%.

Bitcoin, Ether Shaken

This unexpected steadiness triggered a sharp reaction in the crypto world, with Bitcoin’s price plummeting from $70,000 to $66,000 and Ethereum experiencing a similar downturn. The FOMC’s reluctance to cut rates, despite previous indications of multiple reductions, has amplified volatility, leading to nearly $400 million in liquidations and shaking investor confidence across the board.

Federal Reserve Chair Jerome Powell emphasized that while there has been “considerable progress” in tackling inflation, the central bank is not ready to ease its tight monetary policy. Powell’s hawkish stance underscores the Fed’s commitment to its 2% inflation target, suggesting that premature rate cuts could undermine the progress made so far.

Ether down in the last 24 hours. Source: Coingecko

Crypto Markets Feel The FOMC Pinch 

The FOMC’s decision and subsequent remarks from Powell had an immediate and dramatic impact on the crypto markets. Bitcoin, which had soared to an impressive $70,500 on Tuesday, plummeted to $67,220 following the announcement.

Ethereum followed a similar trajectory, dropping from over $3,700 to $3,400. The downturn was not limited to these two giants; altcoins like Cardano, Solana, and Ripple each suffered declines of at least 8%.

BTCUSD trading at $67,411 on the 24-hour chart: TradingView.com

In the wake of these fluctuations, nearly $400 million worth of crypto assets were liquidated over the past two days. This wave of liquidations highlights the heightened volatility and investor anxiety permeating the market. Further exacerbating the situation, US spot Bitcoin ETFs recorded net outflows of $200 million, breaking a 19-day streak of net inflows.

Despite a brief moment of optimism following the release of the US Consumer Price Index (CPI) report—which showed a year-over-year inflation rate of 3.3% for May, slightly cooler than the anticipated 3.4%—the crypto market quickly reverted to its initial levels. This reaction underscores a persistent lack of investor confidence amid ongoing economic uncertainty.

Bitcoin plummets in the last week. Source: Coingecko

Global Economic Strategies Diverge

While the US maintains a firm stance against premature rate cuts, other economic blocs are adopting different approaches. The European Union and Canada, both grappling with their own inflationary pressures, have opted to implement rate cuts this year. These divergent strategies reflect the varying economic conditions and policy preferences across different regions.

Back in the US, a survey backed by Grayscale reveals that 41% of voters are paying more attention to Bitcoin due to the country’s persistent inflation. This growing interest in cryptocurrencies highlights the increasing public scrutiny of traditional economic policies and the search for alternative investment opportunities in a high-inflation environment.

Featured image from Kiplinger, chart from TradingView

#Million #Liquidated #Frantic #SellOff

TAGGED:FranticliquidatedMillionselloff
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Thailand scraps proposed tourism fee Thailand scraps proposed tourism fee
Next Article 2024 NBA Finals: Jaylen Brown has met the moments that make champions — and superstars 2024 NBA Finals: Jaylen Brown has met the moments that make champions — and superstars
- Advertisement -

Latest Post

Russia beefs up forces near Finland’s border
Russia beefs up forces near Finland’s border
World News
6.3% Rally Fueled by DeFi Demand and Volume
6.3% Rally Fueled by DeFi Demand and Volume
Cryptocurrency
Is Trump walking away from peace in Ukraine? | US News
Is Trump walking away from peace in Ukraine? | US News
World News
Price predictions 5/19: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Price predictions 5/19: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI
Cryptocurrency
Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec
Bitcoin trading in six-figure territory shows BTC is ready to carry gold’s ‘baton’ — Fidelity exec
Cryptocurrency
How the U.S. is Tapping a Much Bigger Well in The Middle East
How the U.S. is Tapping a Much Bigger Well in The Middle East
World News
- Advertisement -

You Might Also Like

Polkadot Price Analysis: $DOT Battles, but Holds its Position Above
Cryptocurrency

Polkadot Price Analysis: $DOT Battles, but Holds its Position Above $6

July 14, 2024
US to add .2 billion to its debt every day…
Cryptocurrency

US to add $5.2 billion to its debt every day…

August 9, 2023
Bitcoin and Crypto Go Unmentioned During Trump-Musk X Space
Cryptocurrency

Bitcoin and Crypto Go Unmentioned During Trump-Musk X Space

August 13, 2024
Is FTX’s Bankman-Fried Behind The Recent Wave Of Negative News Surrounding Binance?
Cryptocurrency

Is FTX’s Bankman-Fried Behind The Recent Wave Of Negative News Surrounding Binance?

August 5, 2023

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?