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Over $400 million was liquidated from the crypto market in the last 24 hours after US Federal Reserve Chair Jerome Powell opted to keep interest rates unchanged at 4.25-4.5%.
According to Powell, there are still inflationary pressures present from the trade tariffs imposed by US President Donald Trump on nations around the world.
“Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,” Powell said during a press conference.
Not all Fed officials agreed with Powell, however, with two officials voting in favor of a rate cut.
Bitcoin And Ethereum Positions Take The Biggest Knock
Data from CoinGlass shows 24-hour liquidations soared to over $429 million. Most of these liquidations were long positions, with $327.21 million being wiped out from these trades. Meanwhile, $102.52 million got liquidated from short positions.
Crypto market leaders, Bitcoin (BTC) and Ethereum (ETH) trades took the biggest knock. Over $101 million got liquidated from ETH positions, while $72.45 million was wiped out from BTC trades.
That was after BTC dropped to a 24-hour low of $115,800.83, data from CoinMarketCap shows. It has since recovered to trade at $118,693.84 as of 4:50 a.m. EST.
During that same period, ETH also plunged to a daily low of $3,683.14, but has since bounced back to trade at $3,868.92.
Analysts Divided Over Potential 2025 Rate Cuts
Following Powell’s latest press conference, bettors on the decentralized platform Kalshi remain divided on whether there will be any rate cuts in 2025.
BREAKING: Fed Chair Powell comments on the potential for a 25 basis point rate cut in September:
“We have made no decisions about September.”
— The Kobeissi Letter (@KobeissiLetter) July 30, 2025
In the last 24 hours, the odds of “Exactly 0 cuts” rose 9% to 28%. Similarly, odds for “Exactly 1 cut” rose by the same amount, but now stand at 33%.
Odds of whether there will be “Exactly 2 cuts” slid 9% to stand at 30%, suggesting there is still indecision in the market.
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