Hundreds of millions of dollars in Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates.
According to data from market intelligence firm Coinglass, in the past 24 hours, $359 million in crypto was sold off.
The liquidation was likely caused by the Federal Reserve raising interest rates again, this time by 25 basis points on Wednesday, in the agency’s effort to draw down inflation.
When the rate hike was announced, Bitcoin’s price momentarily dipped into the high $26,000 level. Bitcoin has since recovered and is trading for $28,646 at time of writing.
Other cryptos also saw sizable price dips.
Per Coinglass, Bitcoin was the most heavily liquidated, followed by Ethereum (ETH).
Nearly $33 million in Bitcoin was liquidated while nearly $19 million in Ethereum was wiped out.
ETH was trading for a high Wednesday of $1,822 and declined to a low of $1,718. ETH has also since recovered and is worth $1,836 at time of writing.
Other notable virtual assets that saw more than $1 million in sales include Litecoin (LTC) and XRP, with $2.11 million and $1.22 million liquidated respectively.
Ethereum competitor Conflux Network (CFX) had nearly $842,000 liquidated while other smart contract platforms also saw six-figure sell-offs. Solana (SOL) had $811,000 liquidated and Cardano (ADA) had nearly $485,000.
Other big sell-offs included the governance token of privacy-centric crypto project Mask Network (MASK), which had $659,000 worth liquidated, layer-1 blockchain Aptos (APT), which had $641,000 worth sold off, and the meme token Dogecoin (DOGE), which saw $603,570 worth pulled from the markets.
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