$700 Million in Liquidations as BTC, ETH, XRP Plunge Ahead of FOMC

Bitcoin’s Monday rally that drove it to $65,600 on a couple of occasions has come to a screeching halt, as the asset has not only erased all gains but plummeted even more to a ten-day low.

Most altcoins have followed suit, which has skyrocketed the daily liquidations to approximately $700 million. BTCUSD July 28. Source: TradingView The chart above paints a clear and painful picture.

BTC had maintained $64,000 over the weekend before it jumped to a multi-day peak of $65,600 on Monday. It tried to take down that resistance twice, but it was stopped each time. The second rejection was quite violent as it drove the asset south by nearly $3,000 in hours.

Thus, BTC plummeted to $63,000 for the first time since July 17. Popular analyst CRYPTOWZRD weighed in on the latest move south, indicating that the largest digital asset had closed bearish.