Cryptocurrency Market Value Plunges Amid Federal Reserve's Hawkish Sentiment

The cryptocurrency market has experienced a significant downturn in recent days, with a decline of nearly $100 billion in total market capitalization. This decline is attributed to the hawkish sentiment from the US Federal Reserve, which has led to increased interest rates and reduced expectations for future rate cuts.

According to data, around 136,000 traders have been liquidated, with total losses reaching $452 million. The majority of these liquidations were in Bitcoin, specifically in leveraged long positions.

The market's decline has sent prices back towards the middle of their recent range-bound channel, erasing most of the gains made during the recent rally. Despite this, some analysts predict a potential relief rally, citing the fact that the bearish price action related to the lack of rate cuts has already occurred.