Nearly $1bn in cryptocurrency positions were liquidated as Bitcoin, Ether and XRP declined amid uncertainty over the Federal Reserve’s next interest-rate decision.
About $483m of Bitcoin and Ether futures positions were forcibly closed over a 24-hour period, with Ether traders accounting for nearly 60% of the total across the two leading cryptocurrencies.
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Ether dropped by more than 6% to about $2,350, while roughly $286m in Ether positions were liquidated. Its decline was about twice as large as Bitcoin’s during the sell-off.
Bitcoin fell by approximately 3% to around $81,000. The downturn also spread through other digital assets, including Solana, dogecoin and Zcash.
The market weakness came as investors assessed the possible direction of the Federal Reserve’s forthcoming interest-rate decision.
