The cryptocurrency market is experiencing a tough time, with nearly all of the top 50 cryptocurrencies (except stablecoins) experiencing losses overnight. Among the top 10 cryptocurrencies by market capitalization, Dogecoin (DOGE) and Cardano (ADA) have been hit the hardest, while Solana (SOL) and XRP have also seen double-digit drops in the past 24 hours, according to CoinGecko data.
Over the past day, Dogecoin fell 12% to $0.37, Cardano dropped 14.7% to $0.90, Solana dropped 10% to $227, and XRP dipped by 10.7% to $1.33. Bitcoin (BTC) also saw a decline, losing 6.1% to $92,362, while Ethereum fell 4.5% to $3,324. QCP Capital stated in its most recent broadcast that the market had become extremely overbought since the election with excessive leverage, making a pause inevitable.
Bitcoin’s decline, in particular, is said to have coincided with spot ETFs ending a five-day streak in terms of net inflows, as noted by QCP Capital. Monday saw outflows amounting to $435 million, according to data from Farside Investors. Liquidation data from CoinGlass shows over $691 million wiped out for over 180,000 positions.
Bitcoin traders felt the most pain with roughly $150 million in long liquidations, but the real drama came from a single whale on Binance who lost $4.67 million in one shot when their long position got wiped out. Two key macro indicators are set to be released starting Tuesday night, which may intensify concerns about downside risks, as noted by QCP Capital.
First up are the Fed’s minutes for its November meeting, which saw a rate cut that everyone expected, with the Fed changing how they talk about inflation and their overall goals. The next indicator is the Personal Consumption Expenditures (PCE) data drop ahead of Thanksgiving due Wednesday, which may show inflation ticking up slightly based on recent numbers.
Traders are somewhat split on whether another rate cut will occur by December, with just over half betting on it happening. However, these decisions will ultimately depend on the economic numbers that will be revealed. For now, most see the past week’s momentary pause as a healthy correction rather than the start of a longer downward trend.
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<p>The post Crypto Market’s Rough Week: Top 50 Cryptos Experience Overnight Losses first appeared on CoinBuzzFeed.</p>
