$700M Wiped Out as Crypto Plunges Before FOMC

Crypto markets took a sharp turn for the worse after a brief Monday rally, wiping out nearly $700 million in leveraged positions within twenty four hours. Bitcoin initially touched $65,600 before facing fierce resistance and tumbling by roughly $3,000 to hit a ten day low near $63,000. Market analysts note that holding this $63,000 support level is crucial to prevent further downside momentum.

Major altcoins mirrored the steep decline after enjoying short lived gains earlier in the week. Ethereum slipped below $1,900 after peaking near $1,980, while XRP dropped 4.5 percent to lose its $1.10 support. Solana and other tokens also posted losses, catching over 165,000 over leveraged traders off guard and triggering massive liquidations across major exchanges.

This sudden market correction arrives just ahead of the upcoming United States Federal Reserve interest rate announcement. Traders are feeling anxious about potential monetary policy updates, causing investors to pull back from risk on assets like digital currencies. Market participants should watch the $63,000 support line for Bitcoin very closely over the next twenty four hours as the macroeconomic news hits.