Bitcoin (BTC) Price Drops 3% to $64,000, Liquidations Surge to Over $56 Million

Soon after the US Fed meeting on Wednesday, July 31, the Bitcoin (BTC) price has seen strong selling pressure dropping by 3% all the way to $64,000

After the US Federal Reserve meeting on Wednesday, the Bitcoin (BTC) price came under strong selling pressure, dropping by 3% and reaching $64,000 at press time. This led to a surge in BTC liquidations, which exceeded $56 million in the last 24 hours.

On Wednesday, Fed Chair Jerome Powell decided to keep rates unchanged at 5.25-5.5% and hinted at the possibility of a 25 bps rate cut in September if inflation data for July aligns with expectations.

This development was largely in line with market anticipates, but it ultimately turned out to be a sell-the-news event. Altcoins, along with BTC, faced significant selling pressure, resulting in $193 million in market-wide liquidations. BTC and ETH together accounted for over 50% of the total liquidations.

According to data from Coinglass, over $45 million of the liquidations were in Bitcoin longs, while short liquidations amounted to $10.94 million. In the same vein, Ethereum saw a total of $55 million in liquidations over the last 24 hours, with long positions making up around 80% of the ликвидацияs. The price of ETH also fell by 3.3%, dropping below $3,200.

Notably, on July 31, crypto exchange Mt. Gox officially announced the repayment of BTC and BCH. Over 17,000 creditors have received asset distributions from Mt. Gox in the last month.

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