Crypto suffers nearly $483 million futures wipeout before Fed decision
Crypto had a rough Thursday; nearly $483 million in futures bets were wiped out as prices dropped sharply.
Ether took the biggest hit, losing over 6% and sparking $286 million in liquidations.
Bitcoin wasn't spared either, falling about 3.2% to $81,000 with $197 million cleared out.
This sudden dip came as traders got nervous ahead of the Federal Reserve's interest-rate decision.
Leverage liquidations hit Solana, XRP, Dogecoin
When crypto prices fall fast, traders using leverage can't cover their losses, so exchanges automatically shut down their positions, making things even worse for everyone else.
It wasn't just ether and bitcoin; Solana lost 5.5% ($31 million liquidated), while XRP and Dogecoin also saw drops around 5% to 6%.
Forced closures like these tend to snowball across the market, pushing prices down even further for all kinds of coins.