Bitcoin Faces Strong Selling Pressure, Liquidations Surge to $56 Million After Fed Meeting

The post Bitcoin Faces Strong Selling Pressure, Liquidations Surge to $56 Million After Fed Meeting appeared first on Coinpedia Fintech News

On Wednesday, Fed Chair Jerome Powell decided to keep rates unchanged at 5.25-5.5% while hinting at the likelihood of a 25 bps rate cut in September if inflation data for July comes on the expected lines. This development turned out to be a sell-the-news event as along with BTC, altcoins have also been facing strong selling pressure leading to $193 million in market-wide liquidations. BTC and ETH contribute to over 50% of the total liquidations. More than $45 million has been in Bitcoin long liquidations while $10.94 million has been in short liquidations.