The crypto market turned sharply lower over the past 24 hours, with total market capitalization falling 4.16% to $2.43 trillion. Bitcoin led the decline and slipped toward the $70,000 area. The move was not limited to digital assets, as both the S&P 500 and gold also traded lower, reflecting a broader risk-off tone.
Fed decision and hotter inflation data hit sentiment
The main catalyst came from the latest Federal Reserve meeting and fresh US inflation data. On March 18, 2026, the Fed kept interest rates unchanged at 3.5% to 3.75%. Markets had expected that outcome, but attention shifted to the message that rates could stay elevated for longer.
Inflation data added another layer of pressure. US February PPI rose to 3.4%, above the expected 2.9%. On a monthly basis, prices increased 0.7%, more than double forecasts, while core PPI reached 3.9%, its highest level since early 2023. After those numbers, traders scaled back expectations for rate cuts. Bitcoin quickly reacted, dropping more than 4% to around $70,900, and the rest of the market followed.
Bitcoin weakness and forced liquidations deepen the sell-off
Bitcoin remains the market’s main driver. With dominance above 58%, a sharp move lower in BTC often sets off a wider retreat across altcoins. In this case, leverage made the decline more severe.
According to Coinglass data, 143,681 traders were liquidated in 24 hours, with total losses reaching $480.49 million. Bitcoin alone accounted for nearly $150 million in liquidations, up more than 140%. When long positions are forced out, they add fresh selling into a falling market. That can turn a routine pullback into a deeper slide, and caution rises quickly.
Support levels now in focus for the short term
Near-term direction is now tied to a few important price zones. The total crypto market cap is testing the $2.38 trillion area. If that level holds, the market could recover toward $2.48 trillion.
For Bitcoin, the $70,000 level remains central. Holding above it could open the way for a rebound toward $72,800. If that support breaks, the next downside target is near $69,271. Upcoming US economic releases, including jobless claims and manufacturing reports, are likely to shape the next move by shifting inflation expectations and risk appetite.
This pullback also shows that crypto is still trading like a risk asset linked to global liquidity conditions. Until inflation eases and the rate outlook changes, price swings and liquidation-driven moves may remain pronounced.