Cryptocurrency markets suffered a brutal pullback as the Federal Reserve's decision to hold interest rates steady triggered over $342 million in liquidations and a dramatic flight to gold.
The sell-off yesterday drove Bitcoin down 1.3% to $87,800, while Ethereum slipped 1.4% to $2,960, falling below the psychologically important $3,000 level. Over the past 24 hours, 117,330 traders were liquidated, with long positions absorbing roughly $232 million of the total losses. Solana, XRP, Cardano, and Dogecoin also posted steep declines, highlighting the broad-based pressure across the digital asset market.
In contrast to the virtual currency space, precious metals surged to record heights, with gold jumping 4.69% to surpass $5,530 per ounce and silver climbing toward $119. The Federal Reserve kept its benchmark lending rate between 3.50% and 3.75% earlier this week, prompting investors to trim exposure to speculative assets in favor of traditional safe-haven stores of value. This classic risk-off rotation suggests traders are seeking stability amid persistent macroeconomic uncertainty.