🚨 Cryptocurrency Market Sell-Off: Majors Take a Hit Amid Turmoil 🚨
The cryptocurrency market has seen a sharp sell-off in the last 24 hours, losing $80 billion. The market cap has dropped from $2.1 trillion to $2.03 trillion, causing major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, and Dogecoin to fall sharply.
📉 Bitcoin drops to $58,000
Bitcoin price drops to $58K amid growing caution ahead of expected Fed move this week. Markets are pricing in a 50bps rate cut, with a 61% chance according to the CME FedWatch tool. Miners are still struggling after the halving, and there is a call for a 2x BTC price increase to ignite the next bull run.
📊 Market sentiment turns to fear
The cryptocurrency Fear and Greed Index has dropped from 51 (neutral) to 39 (fear), reflecting market anxiety. Liquidations have surged, with nearly $35 million worth of BTC liquidated and $30 million worth of long positions wiped out.
⚡ Ethereum drops below $2,300
Ethereum has seen a sharp decline as a dormant whale suddenly dumped its holdings, coinciding with sales by the Ethereum Foundation and Vitalik Buterin. Ethereum is at risk of further declines if it fails to hold key support between $2,290 and $2,360. A sell-off could push the price towards $1,800.
🔍 All eyes on the FOMC meeting
The market is now focused on the upcoming FOMC meeting and Jerome Powell’s decision, which could lead to a 50 basis point rate cut. Traders are hoping 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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