- The total cryptocurrency market cap dropped 1.5% to $2.3 trillion amid a sector-wide sell-off.
- Federal Reserve meeting minutes revealing a potential for future interest rate hikes triggered the decline, pressuring risk assets.
- Bitcoin fell below $67,000, while Solana, XRP, and Cardano led losses among major cryptocurrencies, each dropping over 3%.
The broader cryptocurrency market fell sharply on Wednesday, shedding 1.5% of its total value to retreat to $2.3 trillion. This decline was triggered by hawkish Federal Reserve minutes that suggested interest rate hikes remain a possibility if inflation persists.
Consequently, Bitcoin dropped below the $67,000 level, erasing recent gains. According to data from CoinGlass, the pullback led to approximately $223 million in leveraged trading liquidations over the past day.
Solana (SOL) and Ripple‘s XRP suffered the steepest losses among major digital assets, each declining more than 3.5%. Meanwhile, Cardano (ADA) also fell over 3%, though retail sentiment for it remained in ‘bullish’ territory.
Other major altcoins, including Dogecoin (DOGE) and Ethereum (ETH), also traded in the red. However, retail chatter for some assets like DOGE stayed at ‘extremely high’ levels despite the price weakness.
The market dip precedes the release of the latest initial jobless claims data. Traders are closely watching this report for further clues on the trajectory of U.S. monetary policy and its impact on financial conditions.
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