Why did the cryptocurrency market fall today? 588 million liquidations scared the market
Today, the U.S. stock market took a big fall, evaporating 1.5 trillion U.S. dollars in one day, and the cryptocurrency market also suffered. This series of bad luck started with the Fed's interest rate cut and the tense global situation, just like Israel's action against Yemen, the market immediately shook. Let's take a look at why the cryptocurrency market is so miserable today.
Cryptocurrency plunges, 24 hours of losing money
In the 24 hours yesterday, the cryptocurrency market was miserable, and 588 million U.S. dollars of positions evaporated directly. XRP was the worst. It finally rose to 2.82 U.S. dollars (this is the highest since 2017), but it was liquidated 69 million U.S. dollars and fell directly to 2.56 U.S. dollars. Bitcoin did not escape either. After falling below 96,000 U.S. dollars, it lost 60 million U.S. dollars in liquidation. Ethereum was also badly hurt, losing nearly $58 million.
What happened?
A report from Santiment said that traders were in a state of panic when the Fed cut interest rates. The rate cut itself is not a big deal, but the key is that Jerome Powell said that the number of rate cuts in 2025 will be half of what was expected, which scared cryptocurrency and stock traders. The market went from "greedy snake swallowing elephant" to "frightened legs weak", and the result was that everyone sold off.
The altcoins were even more miserable
On the altcoin side, Avalanche, Chainlink, Litecoin, Pepe, etc., all fell by almost 16% in 24 hours. XRP also fell by 6.74%, and is now trading at $2.35. Solana fell by 9.79% this week, and is now priced at $208.49.
But there are also winners
Not all cryptocurrencies are unlucky. Ethena (ENA) has increased by 11.66% due to the addition of new features and is now trading at $1.18. Movement (MOVE) has also increased by 11.48% under the promotion of the community and is now priced at $0.7171.
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