đšđ„ Massive Crypto Selloff: $80 Billion Vanishes Overnight! đ„
đš Crypto Market Selloff: Major Coins Take a Hit Amidst Turmoil đš
The crypto market experienced a sharp selloff in the last 24 hours, resulting in an $80 billion wipeout. The market cap fell from $2.1 trillion to $2.03 trillion, causing a significant drop in major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and Dogecoin.
đ Bitcoin Dives to $58K
Bitcoinâs price tumbled to $58,000 amid growing caution ahead of the Federal Reserveâs anticipated pivot this week. The market is speculating a 50 bps rate cut, with a 61% probability according to the CME FedWatch tool. Miners are still struggling post-halving, and thereâs a call for a 2x increase in BTC price to spark the next bull run.
đ Market Sentiment Turns Fearful
The Crypto Fear & Greed Index dropped from 51 (neutral) to 39 (fear), reflecting the marketâs unease. Liquidations surged, with nearly $35 million in BTC liquidated and $30 million in longs wiped out.
⥠Ethereum Falls Below $2,300
Ethereum saw a steep decline as a dormant whale suddenly offloaded its holdings, coinciding with sales by the Ethereum Foundation and Vitalik Buterin. ETH risks further drops if it fails to hold the key support between $2,290 and $2,360. A wave of sell-off could push the price towards $1,800.
đ All Eyes on the FOMC Meeting
The market is now focused on the upcoming FOMC meeting and Jerome Powellâs decision, which could bring a 50 bps rate cut. Traders are hopeful for positive momentum, but expect volatility to remain high.
Stay tuned for more updates as the crypto market reacts to these developments.
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