XRP, Bitcoin, and Ethereum plummeted! The cryptocurrency market was thrilling for 24 hours!
Cryptocurrency was "bloodbathed", thrilling for 24 hours
On this day, the cryptocurrency market was sold off on a large scale, and $588 million of positions were lost. XRP was the worst. It finally rose to $2.82, but $69 million was liquidated in an instant, and the price dropped directly to $2.56. Bitcoin did not escape either. After falling below $96,000, $60 million was gone. Ethereum also suffered heavy losses, with nearly $58 million wiped out.
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Why did it fall so hard?
After the Federal Reserve cut interest rates, traders felt uneasy. The interest rate cut itself is not a problem, but the number of interest rate cuts in 2025 is less than everyone thought, which made cryptocurrency and stock traders panic. This uncertainty, coupled with the market's change from "crazy" to "panic", led to the sell-off.
Altcoins are even more severely affected. Avalanche, Chainlink, Litecoin, Pepe, etc. have all fallen by about 16% in 24 hours. XRP fell by 6.74% and is now priced at $2.35. Solana fell by 9.79% this week and is now priced at $208.49.
However, not all cryptocurrencies are unlucky. ENA rose by 11.66% due to new features and is now priced at $1.18. MOVE also soared by 11.48% with everyone's active participation and is priced at $0.7171.
After the Fed cut interest rates, both Bitcoin and cryptocurrencies were hit hard, with Bitcoin falling by 5.85%. Want to know how the market will go next?
