Crypto markets dropped sharply after the latest FOMC meeting, where the Fed left interest rates unchanged but signaled through its updated dot plot that higher rates may stay in place for longer. Bitcoin slid fast in early June 18 trading, falling from around $64,000 to near the $62,000 level, while Ether also declined and touched $1,700.
Sell pressure accelerated after the Fed event
The move came after the FOMC debut of new Fed Chair Kevin Warsh. Once the post-meeting press conference ended, market reaction to the hawkish tone intensified, putting clear pressure on risk assets. According to the source material, the updated dot plot shifted expectations toward a longer period of elevated rates, and that change quickly spilled into the crypto market.
$177 million liquidated in four hours
The fast decline hit leveraged positions hard. Data from CoinGlass showed that over the past 24 hours, a total of 97,547 traders were liquidated across the global crypto market, with aggregate liquidations reaching $401 million. In the most volatile four-hour window following the FOMC decision and press conference, liquidations alone totaled $177 million, showing how quickly long positions were forced out.
Bitcoin and Ether falling at the same time added to the pressure across derivatives markets, where liquidations fed back into price swings. The source noted that renewed expectations for a prolonged high-rate environment are keeping liquidity conditions tight for crypto in the short term, especially for leveraged traders.