BTC tumbled more than 2% in an hour to $65,100 during the U.S. trading session from around the $67,000 area.
Smaller cryptocurrencies experienced steeper declines with Ether dropping to $3,400 and other tokens like Solana and Cardano seeing losses of 15%-20%.
Nearly $180 million of leveraged derivatives trading positions were liquidated in the past 24 hours, with over $870 million in total liquidations this week.
The Federal Reserve's projection of only one rate cut for the year and political uncertainty in Europe contributed to the stronger U.S. dollar index, adding pressure on Bitcoin.
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