Fed-driven whipsaws trigger $286M in crypto liquidations as bitcoin shakes out leverage

Major cryptocurrencies held broadly steady over the past 24 hours, but sharp swings around the Federal Reserve meeting sparked about $286 million in liquidations across more than 87,000 traders, CoinGlass data showed. Long positions made up $186 million of the total, compared with $100 million in short liquidations. Bitcoin accounted for roughly $57 million in liquidations, split nearly evenly between longs and shorts. A move of around 2% was enough to knock out leveraged positions on both sides. With leverage largely flushed out, bitcoin is now trading above levels seen at the time of the Fed's unchanged-rate decision.

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