liquidations jumped<\/a> by over 43% to $424 million, while open interest fell to $22 million.<\/p>\nEthereum was the most liquidated token, with positions worth more than $106 million closed in the last 24 hours. Bitcoin liquidations jumped to over $44 million, while Solana and Dogecoin each saw about $31 million.<\/p>\n
These liquidations happened as exchanges closed long positions as prices dropped. Historically, liquidation pressure puts prices under strain as these long positions are unwound.<\/p>\n
The rising liquidations coincided with falling open interest, which dropped to $221 billion from last week\u2019s high of $226 billion.<\/p>\n
<\/p>\n
Most cryptocurrencies slipped amid profit-taking<\/h2>\n
Another potential reason the crypto market is going down is that investors are booking profits after the recent jump.<\/p>\n
Before the current pullback, Ethereum\u2019s price was hovering near its all-time high. Other top cryptocurrencies like Pepe, Cardano, and Ondo were trading at their highest levels in weeks.<\/p>\n
It is common for cryptocurrencies to drop after hitting multi-week highs. This pullback is often seen when the Altcoin Season Index <\/strong>jumps to 70 and above.\u00a0<\/p>\nPositioning for the Federal Reserve decision<\/h2>\n
The crypto market is also pulling back as traders position their trades for the upcoming Federal Reserve interest rate decision.\u00a0<\/p>\n
Polymarket, Kalshi, and the CME FedWatch Tool show that odds of a cut have jumped to more than 90%. These odds rose after the U.S. published weak nonfarm payrolls earlier this month.<\/p>\n
While interest rate cuts are generally bullish for cryptocurrencies, investors are likely concerned this will be a sell-the-news event. For one, the Fed will likely deliver a hawkish cut since inflation remains above the 2.0% target.<\/p>\n
The crypto market is also edging lower as investors watch ongoing trade talks between the U.S. and China. Earlier today, a Chinese regulator ruled that Nvidia violated antitrust rules, pushing its stock lower in the pre-market session.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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