Oh boy, the crypto world is seeing red again! It seems like the rollercoaster ride isn't over yet.
The drama kicked off after some fiery comments from the head of the US Federal Reserve, and it looks like those shockwaves are still shaking the market. Bitcoin took a nosedive, dropping below the $98,000 mark, leaving investors feeling the heat.
But it gets wilder—altcoins are really taking a hit. We're talking massive double-digit losses across the board with big names like Ethereum, Dogecoin, Cardano, Avalanche, and Chainlink all getting caught in the storm.
Remember yesterday's market madness? That was right after the latest FOMC meeting, where Powell stirred the pot, saying the Fed won't be buying bitcoin and hinting at a pause on rate cuts for 2025. In no time, Bitcoin tumbled from over $105,000 to under $98,000, dragging the altcoins down with it. Although Bitcoin tried to make a comeback, reaching nearly $103,000, it's back in freefall, hitting a weekly low of $97,500.
Everywhere you look, the crypto scene is a sea of red. XRP is feeling the squeeze, slipping below $2.2 and plunging by over 10%. It's a similar story for Dogecoin, Shiba Inu, Avalanche, Chainlink, Cardano, Bitcoin Cash, Polkadot, Stellar, Sui, and even Ethereum. The latter lost its grip on the crucial $3,500 level after an 11% daily decline.
These wild price swings have been a nightmare for over-leveraged traders, with more than 330,000 getting caught in the chaos in just 24 hours. Liquidated positions are soaring past the $1 billion mark. The biggest hit? An Ethereum order on Bitmex worth over $11 million got wiped out.
It's a wild ride in the crypto market, folks! Buckle up and stay tuned for more action.
