June 13, 2024
The crypto industry lost $400 million to liquidation in two days, following an important policy meeting, the Federal Open Market Committee (FOMC) held yesterday, which sparked frantic sell-offs.
The Federal Open Market Committee is an offshoot of the Federal Reserve and they decided in the meeting to keep interest rates steady.
The meeting outcome had a solidifying effect on the crypto industry triggering liquidations and affecting prices of major crypto assets.
The price of bitcoin dropped from $70,000 to $66,000 and other altcoins also witnessed a sharp drop in price as a result of the meeting.
