$300M in Long Positions Liquidated in Just 1 Hour: Bitcoin Plummets, Ethereum Fails to Break $5K

Bitcoin Price Drop: The cryptocurrency market experienced a significant decline, with Bitcoin's price falling to a six-week low of $110,600 after a brief rally following Fed Chair Jerome Powell's optimistic speech about interest rate cuts.

Ethereum Volatility: Ethereum reached a new all-time high of nearly $5,000 but subsequently dropped to around $4,700 before recovering slightly to approximately $4,800.

Impact on Traders: The sudden price movements led to over $300 million in liquidations within an hour, primarily affecting long positions, with 90% of the liquidated amount attributed to these trades.

Overall Market Reaction: Most altcoins followed Bitcoin's downward trend, resulting in substantial losses for over-leveraged traders, with more than 130,000 traders liquidated on a daily scale.