In the ever-changing world of cryptocurrency, 2024 has seen significant price fluctuations and relentless attention from investors worldwide. From Bitcoin (BTC) to other altcoins like Ethereum (ETH) and Cardano (ADA), this market continues to demonstrate its strong appeal.
One of the most recent events that has shaken the market is the comments from the Chairman of the U.S. Federal Reserve, Jerome Powell, about keeping interest rates high, hindering the possibility of early cuts. This has put significant pressure on both the stock and cryptocurrency markets, causing the price of Bitcoin to fall below the $96,000 mark. Although it had previously reached $97,000, the pressure from the sell-off prevented it from maintaining that level.
Not only Bitcoin, but altcoins have also been heavily impacted. Ethereum, the second-largest cryptocurrency, lost 10.8% of its value to fall below $3,500. The situation for Cardano (ADA) and Dogecoin (DOGE) is also not very bright, with price drops ranging from 15% to 20%. In less than 24 hours, about $1.2 billion in leveraged derivative trading positions were liquidated.
Alongside the price situation, 2024 also witnessed a notable legal event related to the memecoin Hawk Tuah (HAWK). Investors have sued several organizations and individuals related to the issuance and promotion of this coin, alleging that these are unregistered securities. The general sentiment is concerned that this could be a "pump and dump" scheme as the market cap of this memecoin has plummeted over 90% after a sudden price surge.
This event once again raises alarms about transparency and the risks associated with cryptocurrency investment. Although it may be considered a short-term shock, analysts still believe it could be a necessary adjustment to stabilize the market in the long term.
The year 2024 is clearly a challenging yet promising year for the cryptocurrency sector. With continuous changes and adaptations, investors need to be more alert than ever to seize and lead the new market trends.
