Crypto Market Plunges, $1.2 Billion Liquidated
The cryptocurrency market experienced a significant downturn, with Bitcoin, Ethereum, XRP, Dogecoin, and Solana all facing double-digit losses.
This followed Federal Reserve Chair Jerome Powell's comments on potentially higher inflation and prolonged interest rate hikes, spooking investors.
Bitcoin dropped 7%, Ethereum fell 12%, and XRP declined 11%. Dogecoin, a popular meme coin, tumbled 20%, while Solana dipped below $200.
The market witnessed massive liquidations, with over $1.2 billion worth of crypto positions wiped out in 24 hours. This includes a single liquidation
order on Binance worth nearly $16 million.
Other cryptocurrencies, including XRP and Cardano, also suffered substantial losses.
While some altcoins like Fartcoin saw gains, the overall market sentiment remains bearish. As Bitcoin fell below $100,000, concerns are growing about market vulnerability.
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