Leading cryptocurrencies fell, while stocks rebounded on Thursday as investors parsed the hawkish pivot in the Federal Reserve’s policy.

Crypto Market Dips Further

Bitcoin fell to the early $62,000s, while Ethereum tumbled to an intraday low of $1,670, extending the broader market declines. XRP and Dogecoin also traded in the red.

Long liquidations surged, accounting for 80% of the total cryptocurrency liquidations in the last 24 hours, according to Coinglass data. 

Bitcoin’s open interest fell by 2.38% over the last 24 hours. That said, the majority of retail and whale derivatives traders on Binance maintained significantly higher long positions in the apex cryptocurrency

“Extreme Fear”…

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