- Bitcoin’s price dipped below $61,000 before Federal Reserve’s latest meeting.
- Federal Reserve’s decision not to raise interest rates led to Bitcoin’s immediate 4% spike.
- Bitcoin added over $7,000 in less than a day, currently trading above $67,000.
- Altcoins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) also experienced significant gains.
- Nearly 100,000 over-leveraged traders were liquidated, totaling over $320 million in losses.
Fed Meeting Sparks Bitcoin Surge
In a dramatic turn of events, Bitcoin experienced a remarkable surge in value following the Federal Reserve’s latest meeting. After a period of decline, with Bitcoin’s price dropping below $61,000 amid uncertainty surrounding the Fed’s monetary policy, the digital asset rallied significantly. The Fed’s decision to maintain its current interest rates provided a much-needed boost to Bitcoin, which saw an immediate 4% spike in value. This surge was further sustained, propelling Bitcoin’s price to over $68,000 within a day, marking a staggering increase of over $7,000.
Altcoins Follow Suit as Market Rebounds
The bullish momentum extended beyond Bitcoin, with several altcoins also witnessing substantial gains. Ethereum (ETH) surged by 13%, surpassing the $3,500 mark, while Solana (SOL) added 15%, reaching approximately $190. Dogecoin (DOGE) experienced an impressive 20% surge, with its price exceeding $0.15. This collective uptrend across major cryptocurrencies underscored the overall positive sentiment prevailing in the market.
Liquidations Highlight Volatility Risks
Despite the bullish rally, the volatile nature of cryptocurrency markets proved costly for many traders. Nearly 100,000 over-leveraged positions were liquidated within a single day, resulting in total losses exceeding $320 million. The largest liquidation, valued at $7 million, occurred on the Binance exchange. These events serve as a reminder of the inherent risks associated with trading digital assets, especially during periods of heightened volatility.