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The biggest digital asset, Bitcoin faced a downturn on Tuesday morning as its price dropped by more than 5.3. However, this comes amid waning interest in dedicated US <a href="https://news.todayq.com/whats-next-for-crypto-etf-surge-or-merge/">exchange-traded funds</a> (ETFs) with declining expectations for looser Federal Reserve monetary policy.&nbsp; Crypto liquidations hit $396 million 
Top cryptos along with meme tokens like Pepe and dogwifhat recorded a slump. This contributed to the largest two-day slide in smaller digital assets in about two weeks. 
As per the data provided by Coinglass, more than 120k traders were liquidated in the last 24 hours. The total liquidations recorded by the tracker stand at $396 million. The largest single liquidation order occurred on the crypto exchange OKX, involving ETH-USD-SWAP valued at $7.48 million. 
Data shows that almost 80% of the total liquidated positions ($315 million) turned out to be long bets. This suggests that the traders were expecting a market reversal after the recent decline but crypto didn’t play as per their expectations. 
This year’s robust crypto rally appears to be losing momentum amid persistent US price pressures, prompting investors to scale back their bets on potential Fed interest-rate cuts. Rising Treasury yields and a stronger dollar have created a challenging environment for speculative sectors like the digital asset market. 
Experts have noted that changing perceptions about the Fed are impacting the entire crypto space. It is leading to a sell off across various sectors, especially those that have outperformed Bitcoin over the past six months. 
Bitcoin has declined approximately 10% since reaching a peak of $73,798 in mid-March. It happened partly due to a slowdown in daily inflows into spot Bitcoin ETFs. Investors withdrew a net $86 million from the batch of 10 products on Monday alone. This has amassed around $12 billion since its launch on Jan. 11. Market in a weak position? 
Experts claim that the crypto market appeared “weak” in response to the latest US economic data, which showed expansion in manufacturing and increased input costs. As a result, the amount of Fed easing priced into swap contracts for this year declined to approximately 65 basis points, below policymakers’ forecasts. 
Despite the upcoming halving of new Bitcoin tokens this month, which some traders view as supportive of the cryptocurrency, others argue that further gains may be limited, considering the token’s substantial appreciation since the beginning of 2023. 
Bitcoin is trading at an average price of $66,448, at the press time. Its 24 hour trading volume is up by 62% to stand at $40.5 billion.

Bitcoin drops 5%, Crypto liquidation hit $396M, What is market up to?

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