Crypto markets experienced substantial declines, with Bitcoin dropping to $62,684 and then $63,400, down 2.7%. Ethereum and Solana also saw falls of 4.2% and 4.4% respectively. This downturn led to over $670 million in crypto liquidations within 24 hours, with $533 million from long positions.

The broader market sentiment was risk-off, triggered by South Korea's KOSPI index falling over 8% and activating a circuit breaker. Oil, gold, and Nasdaq futures also registered declines. The Federal Open Market Committee (FOMC) is meeting today and tomorrow, with Fed Chair Kevin Warsh's decision expected on July 29. While markets anticipate a rate hold at 3.50–3.75%, traders are deleveraging due to past hawkish remarks from Warsh.

Analysis from Yahoo Finance suggests that Bitcoin's recent push towards $66,921 appears to be a "bull trap." Technical indicators, including the exponential moving ave