The cryptocurrency market, including Bitcoin, experienced a sudden decline, with Bitcoin losing 5.74% of its value in the last 24 hours. The decline is attributed to hawkish statements from the FOMC and FED Chairman Jerome Powell, indicating that interest rate cuts would slow down. Other cryptocurrencies, such as Ethereum, also saw double-digit declines. This decline resulted in a significant amount of liquidation in the market, amounting to $1.05 billion in the last 24 hours. Bitcoin, Ethereum, Dogecoin, XRP, and Solana were among the cryptocurrencies that experienced the most liquidation.



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