Bitcoin Plummets, Market Liquidations Surge – Is This a Sign of a Larger Trend?

The cryptocurrency market saw a significant downturn today, with Bitcoin (BTC) dropping over 1.79% to $101,766. Despite its close proximity to the $2 trillion market capitalization mark, BTC is struggling to maintain its position. 24-hour trading volume reached an impressive $59.8 billion, but a significant $631 million worth of positions were liquidated across the entire market. This comes as predictions about the Fed’s December interest rate decision remain uncertain. The possibility that rates will remain unchanged is fueling further liquidation activity, deepening the price decline. 27% of prediction markets now expect no interest rate cuts from the Fed.