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Author: Admin | 2025-04-28
2024-12-23T12:41:39.914+02:00Monday, 23/12/2024 | 10:41 GMT by Damian Chmiel Bitcoin, Ethereum, and XRP crash as Fed's hawkish stance triggers $3.3T crypto market sell-off. Crypto liquidations hit $300M as BTC drops below $94K, ETH falls to $3.3K amid Fed policy impact. Major altcoins face steep declines: XRP tests $2.20 support, DOGE plunges 21% to $0.31 level. Why is crypto and Bitcoin price down today? The crypto market experienced a significant sell-off today,with Bitcoin (BTC) dropping notably below $94,000. Along with BTC, majoraltcoin prices are also declining, and the total cryptocurrency marketcapitalization has fallen to $3.3T, marking the lowest level in almost a month.This sell-off stems from last week's Federal Reserve's (Fed’s) monetary policy announcement, withBitcoin falling below $100,000. Market participants witnessed a sharp declineacross cryptocurrencies, triggering substantial liquidations and affecting thetotal market capitalization.Let’s check together why crypto is down today and what the technical price predictions for Bitcoin, Ethereum, Ripple , and XRP are.Why Is Crypto Crashing?The cryptocurrency market has had a challenging period overthe past day and week. Both Bitcoin and major altcoins, including Ethereum,XRP, and Dogecoin, have experienced significant losses. During Monday'ssession, Bitcoin's price briefly dipped below $94,000. While it has sincerecovered somewhat to $95,800, it still shows an 8.5% decline over the pastweek.Ethereum has seen even steeper losses, dropping nearly 16%during the same period, with its current price hovering around $3,300. XRP hasdeclined by 8% and now trades at $2.20. Meanwhile, the meme-inspired Dogecoin,which ranks as the seventh-largest cryptocurrency by market capitalization, hasshed 21% of its value, currently trading at $0.31.Major cryptocurrencies, including Bitcoin, are down today. Source: CoinMarketCap.comThese declines in major cryptocurrencies have negativelyimpacted the total market capitalization, which now stands at just over $3.3trillion—the lowest level in a month. The Fear and Greed Index for cryptocurrencies, which hadconsistently remained at extremely high greed levels, has now moved closer to50, indicating a neutral market sentiment. This suggests investors arecurrently in a wait-and-see mode, neither panicking about dramatic drops noreagerly buying the dip.Total market cap test at the lowest levels since November. Source: CoinMarketCap.comLiquidations: Almost $300M in Crypto Leveraged Positions GoneDespite the market downturn, there hasn't been a significantsurge in leveraged position liquidations over the past 24 hours. According toCoinglass data, $283 million in leveraged positions were liquidated, with $191million in long positions and $92 million in short positions. This indicates that those betting on stronger gains forBitcoin, Ethereum, XRP, Dogecoin, and Solana have suffered the most losses,being forced to close their positions as the market moved south. Bitcoin andEthereum dominated the liquidations, each seeing around $42 million in longpositions and approximately $19–20 million in short positions liquidated.Current crypto liquidations. Source: Coinglass.comFederal Reserve Factor, Why Is Crypto Down Today?The Federal Reserve's recent monetary policy stance hassignificantly impacted the market.
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