Liquidations across the crypto market surged sharply, with long positions accounting for more than $430 million in losses.
Bitcoin’s relatively calm price action over the past several days ended abruptly after the cryptocurrency experienced a sharp selloff that pushed it below the $76,000 level for the first time in weeks.
The decline came only hours after Kevin Warsh officially assumed office as the seventeenth Chair of the United States Federal Reserve.
Warsh was sworn in during a ceremony held at the White House on Friday, beginning his four year term leading the central bank.
During the event, Donald Trump praised Warsh and said he believed the new Fed Chair could become one of the greatest leaders in the institution’s history.
Trump also stated that Warsh would operate independently as Fed Chair, despite previously criticizing former Federal Reserve Chair Jerome Powell on multiple occasions over interest rate policy. Over the past year and a half, Trump repeatedly pressured Powell to reduce rates and publicly attacked the former Fed leader over monetary decisions.
Speaking after taking office, Warsh said he intends to lead a reform focused Federal Reserve that learns from both past successes and failures while maintaining high standards of integrity and performance.
Shortly after the swearing in ceremony concluded, Bitcoin began falling rapidly. The cryptocurrency dropped from nearly $78,000 to around $75,500 within hours, marking its lowest price since April 30.
The broader crypto market also turned sharply lower.
Ethereum declined toward the $2,050 level, XRP fell below its key $1.35 support zone, and Solana slipped under $85.
According to data from CoinGlass, total liquidations across the market climbed to approximately $485 million, with more than $430 million coming from wiped out long positions.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
