Crypto Market Bloodbath: Bitcoin Crashes, Altcoins Take a Beating

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.

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. $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 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

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