🚨 Dogecoin's 11% Drop Leads Losses in Crypto Majors as Bitcoin Sours Festive Mood
Dogecoin (DOGE) experienced an 11% drop, leading losses among major cryptocurrencies as Bitcoin (BTC) also declined by 4.2%. This marks the third consecutive day of losses in the crypto market, attributed to overly bullish sentiment and profit-taking following the recent FOMC meeting.
Analysts from QCP Capital noted that the market's previous optimism left it vulnerable to sell-offs, particularly after the Federal Reserve signaled fewer rate cuts than expected for 2025. Other cryptocurrencies like Ethereum (ETH) and Solana (SOL) saw declines of up to 9%. The CoinDesk 20 index, which tracks major tokens, fell 5.5%, with significant liquidations in the futures market.
Historically, December is seen as a bullish month for Bitcoin, but the recent downturn has raised concerns about market stability.
