Crypto markets slip after Fed’s hawkish tone
The Federal Reserve’s decision to hold interest rates has led to a decline in crypto markets. Bitcoin and other cryptocurrencies fell after the Fed’s hawkish tone on interest rates.
Derivatives data show risk-off positioning and bearish dominance amid rising demand for short-dated put options. This indicates that traders are hedging against further downside.
Crypto futures bets worth over $440 million have been liquidated across exchanges in the past 24 hours, with most being bullish long positions. Bitcoin is now about 48% off its $126k high from last October.