BTC Down by 7% and More Than $200M Liquidated in The Market

• BTC loses 7% and is now worth $21,800 at the time of writing.
• Altcoins like ETH DOT, ADA, BNB, and XRP are also seeing a steep decline in prices.
• SHIB and DOGE have also been decreasing in the past 24 hours.

The biggest cryptocurrency, Bitcoin, has had its value decrease by 7% over the previous twenty-four hours, bringing it down to $21,820 as of the time this article was written, according to data provided by the market aggregator CoinMarketCap.The cryptocurrency keeps falling farther behind as more than 100 million dollars are liquidated in one hour.

After the publication of data from the most recent meeting of the Federal Open Market Committee (FOMC), which revealed that U.S. central bankers are unlikely to tone down their present hawkishness towards monetary policy, Bitcoin dropped below a trendline that was bullish late on Wednesday.

When the cryptocurrency market fell in June, Bitcoin’s (BTC) price took a huge nosedive, reaching its lowest point in 2022 at $18,154.  However, not long after that, the price of the coin began an upward trend that continued over the next two months.

BTC also managed to break above the $24,000 barrier, leaving investors a reason to expect a significant price increase in the near future. As this article is being written, the total market capitalization of Bitcoin (BTC) is $419,102,648,910.

The majority of alternative cryptocurrencies “altcoins” are likewise seeing a loss of value, like Binance Coin (BNB), Polkadot (DOT), Cardano (ADA), and Ripple (XRP). Both DOGE and SHIB, two popular meme currencies, have continued their descent from the early-week frenzy that caused their values to increase by double digits, with each currency lately dropping more than 10%.

More than 150,000 traders and $210.41 million worth of assets were liquidated during the course of the day, Coinglass data shows. Binance saw the largest single liquidation order, coming in at $980,14K in ETH/USDT.