Crypto and equity markets declined sharply after the U.S. Federal Reserve opted to hold interest rates steady at 3.50% to 3.75%. Bitcoin dropped more than 4% to an intraday low of $69,537, according to CoinGecko, while the Nikkei, gold, and the S&P 500 fell roughly 3.2%, 3%, and 1%, respectively.
Two Bitcoin whales sold 650 and 5,000 BTC on Wednesday, totaling over $117 million, according to on-chain platform Arkham. Bitcoin’s slide from $75,000 to below $70,000 triggered more than $511 million in liquidations over 24 hours, with $417 million coming from long positions, per CoinGlass.
Rachel Lin, CEO of decentralized exchange SynFutures, says the $70,000–$72,000 zone is emerging as near-term support, aided by ETF inflows. Adam Chu of options platform GreeksLive expects low volatility ahead of the March 27 quarterly settlement, which carries $14.05 billion in notional open interest.
Originally reported by Decrypt.
