The crypto market is losing last week’s gains as Bitcoin and Ethereum prices fail to maintain key support levels ahead of the FOMC meeting on July 27. The crypto market saw more than $250 million in liquidations in total, with nearly 80,000 traders liquidated in the past 24 hours.

Rising FUD this week raises the likelihood of a 100 bps rate hike by the Federal Reserve. The odds of a 75 bps rate hike have fallen to 75% from over 80% last week.

While economists expect a rate hike of 50-75 bps, the Fed is hinting at slowing rate hikes after a rate hike of 75-100 this month.

Bitcoin and Ethereum liquidations soar ahead of Fed rate hike

Bitcoin (BTC) and Ethereum (ETH) prices have fallen to $20,895 and $1,380 today, pushing them below the key psychological levels of $22.8k and $1500.

According to Coinglass data, nearly 80,000 traders have been liquidated in the past 24 hours, with a total liquidation of nearly $250 million. Among the top cryptocurrencies, Ethereum recorded the highest liquidations of over $109 million. Bitcoin (BTC) succeeds Ethereum with more than $56 million in liquidations.

Ethereum Classic (ETC), Solana (SOL), Polygon (MATIC), Ripple’s XRP, Avalanche (AVAX), Cardano (ADA), ApeCoin (APE), Optimism (OP), Stepn (GMT), and Dogecoin (DOGE) are among among the top cryptocurrencies liquidated in the last 24 hours.

At the time of writing, Bitcoin (BTC) saw $46.69 million in long positions and $9.80 million in short positions liquidated on crypto exchanges. Meanwhile, Ethereum (ETH) has seen $91.69 million in longs and $18.36 million in shorts liquidated in the past 24 hours. Okex, Binance and FTX recorded the most liquidations.

BTC and ETH trend after 100 bps rate hike

Weak crypto and global stock markets indicate that the US Federal Reserve could surprise the markets with a more aggressive rate hike as energy and food prices continue to rise.

According to CME FedWatch Tool, the probability of a 75 bps rate hike is 76%. While the probability of a 100bp rate hike is 24%. The Fed will likely look at energy, food and house prices to guide its monetary policy.

Crypto analysts expect Bitcoin and Ethereum prices to remain above $20,000 and $1,200 despite the rate hike.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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