Crypto Market Tumbles as Fed Hikes Hawkish Outlook

The crypto market experienced significant losses following the Federal Reserve's hawkish decision on June 18. Bitcoin's price fell below $65,000, and the total market capitalization of all tokens dropped by 3% to $2.2 trillion.

Liquidations surged by 66% in the last 24 hours, reaching $500 million, with Bitcoin positions worth $161 million being wiped out, followed by Ethereum's $123 million. Other highly liquidated tokens included XRP and Zcash.

The increase in liquidations coincided with a decline in futures open interest, which dropped by 3.9% to over $107 billion in the last 24 hours.