Leading cryptocurrencies plunged alongside stocks on Wednesday as the Federal Reserve said the escalating Middle East conflict could push inflation higher.

‘Extreme Fear’ Returns

Bitcoin dived below $71,000, reversing a rally that pushed it up to $76,000. Ethereum’s decline was steeper, pulling the second-largest cryptocurrency back to the $2,100 zone.

Over $450 million was liquidated from the cryptocurrency market over the past 24 hours, with $380 million in bullish long bets alone wiped out, according to Coinglass data.

Open interest in Bitcoin futures dipped 3.75% in the last 24 hours. However, derivatives traders on Binance bought this dip, opening more long positions versus…

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