The global crypto market cap surged 3% to $2.14 trillion.
The Federal Reserve slashed interest rates by 0.5%, the largest cut since 2008.
BTC spiked past $62k after the rate cut, recovering from a dip around $59k.
The global crypto market turned green after a long period of anticipation building around the expected Federal Reserve rate cuts. The cumulative crypto market cap gained by almost 3% over the last day to stand at $2.14 trillion. Its 24 hour trading volume spiked by 20% to breach the $91 billion mark.
In a historic move, the Federal Reserve reduced interest rates by 0.5%, marking its first cut since the early days of the COVID pandemic. This 50 basis point reduction stood as the largest since 2008 and aimed to boost the labor market and calm inflation.
Crypto bulls bleed as BTC hits $62K
As per the data shared by Coinglass, more than 67K traders were liquidated in the last 24 hours as the total liquidations breached $200 million. The largest single liquidation order of BTC/USD valued at $8.93 million happened on Bybit.
However, $123.7 million worth of liquidated bets (61%) turned out to be short positions. This suggests that the traders were expecting crypto collapse over the Fed’s decision but the biggest digital assets printed green indexes.
Bitcoin (BTC) recorded a bullish spike after the major rate cut and breached the $62,000 price level on Thursday. BTC has seen a very fluctuating 24 hours of trading as once it was trading around the $59K zone and soon it took off to regain a stable ground over $62K.
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Data indicates that greater than $seventy five million really worth of bets set on Bitcoin rate got liquidated over the past 24 hours. $fifty seven million well worth of liquidated positions (75%) grew to become out to be quick bets. BTC rate surged through three% inside the beyond 24 hours, signaling a nice investor sentiment. Bitcoin is trading at a median charge of $62,034, at the press time.
Altcoins going strong
Ethereum (ETH), struggling because of selling strain, recorded a surge of round 4% in the final 24 hours. The recent surge has helped Ether to wash off the loss visible during the last 7 days however the 30-day metric suggests that it nevertheless stands down by 10%. ETH is trading at a median charge of $2,413, at the click time.
Top altcoins like Solana (SOL) and Cardano (ADA) additionally registered greens. SOL fee jumped with the aid of 6% while ADA won with the aid of 4.5% over the past 24 hours. The meme crypto category noticed a cumulative surge of two% as Dogecoin (DOGE) and Shiba Inu (SHIB) soared by way of 4% each.
