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Bitcoin Pullback to $66K Triggers $250M in Crypto Liquidations as Traders Brace for 'Wild Wednesday' of FOMC, CPI Report

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

started the day trading near $70,000 before hitting a three-week low price at $66,170 during the U.S. session. It slightly rebounded to near $66,500, but was still down nearly 5% over the past 24 hours.

Bitcoin could see a volatile session Wednesday as it has been"highly responsive" to economic data recently and its 30-day correlation with U.S. equities climbing to highest since 2022, K33 Research noted in a Tuesday market update. Investors will monitor the Federal Open Market Committee members' interest rate outlook – so-called"dot plot" – to see how many rate cuts policymakers are projecting for this year in light of recent sticky inflation readings and softer economic data.

 

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