Hundreds of millions of dollars worth of Bitcoin (BTC) and other cryptocurrencies were liquidated from the markets after the Federal Reserve raised interest rates.
According to data from the market intelligence firm Coinglass, in the last 24 hours, $359 million worth of cryptocurrency was sold.
The selloff was likely due to the Federal Reserve raising interest rates again, this time by 25 basis points on Wednesday, in an effort by the agency to reduce inflation.
When the rate increase was announced, the Bitcoin price momentarily fell to the high level of $26,000. Bitcoin has since recovered and is trading at $28,646 at the time of writing.
Other cryptocurrencies also experienced considerable price drops.
According to Coinglass, Bitcoin was the most liquidated, followed by Ethereum (ETH).
Nearly $33 million worth of Bitcoin was liquidated, while nearly $19 million worth of Ethereum was wiped out.
ETH was trading at a high of $1,822 on Wednesday and declined to a low of $1,718. ETH has since rallied as well and is worth $1,836 at the time of writing.
Other notable virtual assets that saw over $1 million in sales include Litecoin (LTC) and XRP, with $2.11 million and $1.22 million settled respectively.
Ethereum competitor Conflux Network (CFX) liquidated nearly $842,000, while other smart contract platforms also saw six-figure liquidations. Solana (SOL) liquidated $811,000 and Cardano (ADA) almost $485,000.
Other big selloffs included privacy-focused crypto project governance token Mask Network (MASK), which had a liquidation value of $659,000, layer 1 blockchain Aptos (APT), which had a $641,000 value sold , and the Dogecoin (DOGE) meme token, which had a value of $603,570 withdrawn from the markets.
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Featured Image: Shutterstock/wacomka
