Bitcoin Plunges 7% as Crypto Market Turns Bearish After the US Federal Reserve Indicates It Will Reduce Easing in 2025

According to data provided by CoinGlass, more than $1.2 billion worth of crypto has been liquidated over the past 24 hours.

Cryptocurrency markets have taken a downturn on Wednesday, December 14, with over $1.2 billion in crypto being liquidated, according to data provided by CoinGlass.

Of the total amount of crypto liquidated, a vast majority ($1.07 billion) belonged to long positions.

The largest single liquidation order took place on Binance, with one trader losing nearly $16 million.

Binance also comes in first place by the total amount of liquidated crypto with $546 million.

Earlier today, the price of Bitcoin plunged to an intraday low of $96,682, according to CoinGecko data. The cryptocurrency is down nearly 7% in just 24 hours.

Major altcoins are taking a more severe beating, with the Ripple-linked XRP token plunging by as much as 10%.

Dogecoin (DOGE) and Cardano (ADA) have also recorded double-digit losses, plunging by 19.4% and 15.7%, respectively.

As reported by U.Today, the cryptocurrency market turned bearish after the US Federal Reserve indicated that it would reduce easing in 2025 after implementing a "hawkish" rate cut.

Now, only two rate cuts are expected near year in a huge blow to risk assets.

The US equities also appeared under severe strain, with the Dow recently logging its longest losing streak in 50 years.