The adverse price developments that started after the controversial statements by the Chair of the US Federal Reserve continue today as well, with BTC dumping to under $98,000.
The altcoins have been hit even more severely, with massive double-digit losses from the likes of ETH, DOGE, ADA, AVAX, LINK, and many others.
Cryptocurrency Market Overview. Source: QuantifyCrypto
CryptoPotato reported yesterday’s price movements, which came just minutes after the latest FOMC meeting, in which Powell said the Fed couldn’t purchase bitcoin, and he warned that the rate cuts for 2025 might be halted.
BTC slumped from over $105,000 to just under $98,000, and the altcoins followed suit. The primary cryptocurrency managed to recover some ground today and even spiked to nearly $103,000 hours ago.
However, the asset is in another freefall state as its price plunged by several grand once again minutes ago, dumping to a weekly low of $97,500 (on Bitstamp) for now.
As the graph above demonstrates, the entire cryptocurrency market is deep in red. XRP continues to bleed out as it dipped beneath $2.2 earlier and is now down by over 10%. Similar or even more severe price dumps are evident from DOGE, SHIB, AVAX, LINK, ADA, BCH, DOT, XLM, SUI, and even ETH.
The second-largest cryptocurrency lost the important $3,500 resistance level and now sits below it after an 11% daily decline.
These massive price fluctuations have harmed over-leveraged traders, with more than 330,000 such market participants getting wrecked over the past 24 hours. The total value of liquidated positions is up to over $1 billion, according to CoinGlass.
The single-largest wrecked order took place on Bitmex. It involved ETH and was worth north of $11 million.
Liquidation Heat Map. Source: CoinGlass
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