In the past 60 minutes, over $112 million longs have been liquidated as traders de-risk in anticipation of the FOMC minutes.

Bitcoin slipped below the $90,000 psychological levels, blowing millions in long positions out of the water.

$115 Million Longs Wiped Out Amid FOMC Minutes Jitters

Data on Coinglass shows that over $112 million in long positions have been liquidated over the past hour. These positions were flushed out as the Bitcoin price dipped below the $90,000 psychological level, testing a seven-month low.

Bitcoin (BTC) Price Performance. Source: TradingView

Meanwhile, the drop was not limited to the Bitcoin, as crypto stocks also registered losses, following the pioneer crypto’s fall to a 7-month low.

It comes ahead of the October FOMC minutes, which is barely an hour out, suggesting investors are de-risking.

Beyond crypto and related stocks, indices were also down, with the Nasdaq and S&P 500 turning negative.

This drop comes barely an hour to the October FOMC minutes release, with sentiment already reflected on social media. Amid the anticipation, US President Trump said Fed chair Jerome Powell is “grossly incompetent,” citing too high interest rates.

Meanwhile, the Bureau of Labor Statistics has also revealed that it will not publish the October Jobs report. This gap likely steps from the recently concluded US government shutdown, which saw authorities run basically blind.

Based on this gap in the October Jobs report, December Fed rate cut bets have dwindled, with nearly 70% anticipating policymakers will hold interest rates steady.