Nearly $1 billion in crypto bets were liquidated as Bitcoin, Ether and XRP fell.

Ether accounted for nearly 60% of the forced liquidations of the two major cryptocurrencies, falling almost twice as much as Bitcoin.

Almost $483 million in Bitcoin and Ether futures positions were liquidated in 24 hours as uncertainty over the Federal Reserve's next interest rate decision weighed on cryptocurrency markets.

Ether traders took the brunt of the selling, with about $286 million in cash, as ether fell more than 6% to around $2,350.

Bitcoin fell about 3 percent to around $81,000, while losses spread to smaller tokens including Solana, dogecoin and Zcash.

Nearly $483 million in Bitcoin and Ether futures were closed in the past 24 hours as the cryptocurrency fell on Thursday, with Ether traders the hardest hit.

Cryptocurrency losses worsened Thursday morning as uncertainty over the Fed's next interest rate decision weighed on markets. Bitcoin traded around $81,000, down nearly 3% over 24 hours, while ether lost more than 6% to around $2,350. XRP and SOL Solana fell around 5%, and dogecoin fell almost 6%.

Ether contracts account for about $286 million in liquidity, compared to $197 million for bitcoin, according to CoinGlass data reviewed by Morning Asia. Ether fell about 6.4 percent to $2,356, while bitcoin lost nearly 3.2 percent to trade around $81,000.

Liquidation occurs when traders use borrowed money and the price movement leaves them without enough collateral to keep their bets open. The exchange automatically closes the position. For example, someone using $1,000 to control a $10,000 position could lose their backing in one move. Less than 10% against them.

This closing could put pressure on a falling market and force traders to exit the market regardless of whether they want to sell at that price.