$400 Million in Liqudations as Bitcoin Soared to Weekly High Above $23K

Somewhat surprisingly, the crypto market reacted quite well to the latest interest rate hike from the US Fed, with prices soaring to new weekly highs. As such, the number of liquidated traders on a daily scale is over 90,000, while the total value of liquidations is $400 million.

• As CryptoPotato reported yesterday, the primary cryptocurrency had retraced from last week’s high and stood around $21,000 after briefly dipping below that level.
• The altcoins were also calm after the recent losses, with ETH dropping by over $200 in two days.
• However, all eyes were on the latest FOMC meeting, where some experts suggested that the Federal Reserve could be more aggressive in its interest rate increase. They turned out to be accurate.
• The US central bank hiked the rates by 75 basis points and said it will continue to increase them throughout the year to fight inflation. The next FOMC meeting will be in two months – in late September.
• As it usually happens, the Fed’s announcement brought volatility to the crypto markets. This time, though, it was in terms of rapid price gains.
• Bitcoin jumped to $22,000 almost immediately but only kept climbing and tapped a six-day high of over $23,000 hours later. Despite retracing slightly since that local peak, the cryptocurrency is still 9% up on the day.
• The altcoins experienced even more impressive gains. As of now, ETH is 14% higher than yesterday, and more double-digit price pumps are evident from Solana, Polkadot, MATIC, and others.
• As such, the total liquidations are up to $400 million on a daily scale. The number of wrecked traders sits above 90,000, and the single-largest liquidation order involved the ETH-USD trading pair on Huobi, worth more than $2 million.