1. *Broad Market Downturn*: The cryptocurrency market experienced a significant correction, with major coins like Bitcoin, Ethereum, XRP, Dogecoin and Solana suffering substantial losses.

2. *Federal Reserve's Impact*: Federal Reserve Chair Jerome Powell's remarks on inflation projections for 2025 led to a broad sell-off in risk assets, including cryptocurrencies.

3. *Meme Coins Hard Hit*: Dogecoin and other meme coins were particularly affected due to their sensitivity to macroeconomic news.

4. *Massive Liquidations*: Over $1.2 billion worth of crypto positions were liquidated in 24 hours, with long positions accounting for $1.07 billion.

5. *Bearish Market Sentiment*: The overall market sentiment remains bearish, with analysts watching for further developments.

*Future Outlook*

1. Market volatility is expected to continue.

2. Investors should be cautious due to potential further declines.

3. Some altcoins, like Fartcoin, may still offer opportunities for growth despite market downturn.