bullish

FOMO

Read

The cryptocurrency market witnessed an impressive bullish momentum after the long-awaited rate cut by the U.S. Federal Reserve, bringing increased liquidations. 
According to data provided by Coinglass, the total crypto liquidations surged by 46% over the past day, reaching almost $200 million. Most of the liquidated positions, worth $126 million, are shorts due to the market-wide bullish movements. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="997" height="462" src="https://crypto.news/app/uploads/2024/09/Screenshot-2024-09-19-103455.png" alt="$200m in crypto liquidated following 50bps Fed rate cut - 15" class="wp-image-14298683">
 <figcaption class="wp-element-caption">
 Crypto liquidations map – Sept. 19 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
 </figcaption>
</figure> 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) is leading the chart with $75 million in liquidations following a 2.9% price hike. BTC is currently trading around the $62,000 mark. 
 You might also like: <a rel="" href="https://crypto.news/dont-count-on-chinas-trillion-dollar-stimulus-to-rescue-bitcoin/"> Don’t count on China’s trillion-dollar stimulus to rescue Bitcoin </a> 
Notably, the largest single liquidation, worth $8.9 million in the BTC-USD pair, occurred on the Bybit crypto exchange, per Coinglass data. In total, over 66,000 traders have been liquidated in the past 24 hours. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) took the second spot with over $35 million in liquidations as its price surpassed the $2,400 mark. 
Despite the increased liquidations, the total crypto open interest rose by 4% in the last 24 hours and is currently hovering at $58.7 billion.&nbsp; 
Increasing open interest is usually a sign of FOMO — the fear of missing out — that could potentially boost the amount of liquidations, leading to high price fluctuations. At this point, investor sentiment has significantly increased. 
The increased liquidations came after the U.S. Fed announced a <a href="https://crypto.news/neiro-billy-baby-doge-coin-leads-as-fed-delivers-jumbo-rate-cut/" target="_blank">50-basis-point rate cut</a> at 18:00 UTC on Sept. 18. This was the first Fed <a href="https://crypto.news/expert-consensus-foresees-25bps-cut-and-short-term-volatility/" target="_blank">rate cut</a> since March 2020. 
Subsequently, the global crypto market cap increased by 1.9%, reaching $2.23 trillion, per <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> from CoinGecko. The daily trading volume surpassed the $120 billion mark. Moreover, the U.S. stock market also witnessed bullish momentum. 
 Read more: <a rel="" href="https://crypto.news/sec-charges-rari-capital-for-misleading-investors-unregistered-activity/"> SEC charges Rari Capital for misleading investors, unregistered activity </a>

$200m in crypto liquidated following 50bps Fed rate cut

crypto.news

Other articles published on Sep 19, 2024

Fed Interest Rates Drop 50 Basis Points for First Time in 4 Years

Michael Saylor Makes 'Bitcoin Burger' Statement as BTC Rockets Over $63,000

BlockDAG’s Top Soccer Deals Leave Dogs and Dogecoin in the Dust—Fox News Reveals All!

Solana Rilis Smartphone Baru "Seeker": Akankah Nasibnya Sama Seperti Sirin Labs?

Aptos Ecosystem Receives Major Backing with New Fund from Top Venture Firms

Hamster Kombat Invites Users to Boost Their Earnings with an Exciting New Program

Join our free newsletter for daily crypto updates!