Crypto Market Sees $1.2 Billion in Liquidations as Bitcoin, Dogecoin, XRP and Solana Face Double-Digit Losses Cryptocurrency prices have taken a significant hit, with Bitcoin, Ethereum, XRP, Dogecoin and Solana all suffering major losses. Cryptocurrency prices have taken a significant hit, with Bitcoin, Ethereum, XRP, Dogecoin and Solana all suffering major losses. After briefly reaching an all-time high of over $108,000, Bitcoin dropped 7% in a single day to $97,000. Ethereum fell nearly 12%, trading at $3,422, while XRP saw a similar drop, down 11% to $2.22. Dogecoin, the popular meme coin, tumbled by 20%, landing at $0.31. Solana, another major altcoin, dropped below the $200 mark, down 12% to $191. These losses are part of a larger correction across the crypto market, which saw the entire sector fall by 9%. The downturn comes after Federal Reserve Chair Jerome Powell's recent remarks about inflation projections for 2025, which spooked markets. Powell's comments about inflation possibly being higher than expected and the likelihood of interest rates remaining high for longer led to a broad sell-off in risk assets, including cryptocurrencies. Meme coins like Dogecoin, known for their sensitivity to macroeconomic news, were hit especially hard. Dogecoin's price plummeted 12.4%, and trading volume surged 67%, indicating panic among holders. Despite this, Dogecoin remains one of the largest cryptocurrencies by market cap, valued at $46.6 billion. The market has also seen massive liquidations, with over $1.2 billion worth of crypto positions being wiped out in just 24 hours. Long positions accounted for the bulk of the liquidations, totaling $1.07 billion. The largest single liquidation order, occurring on Binance, was worth nearly $16 million. Additionally, Binance saw $83 million in outflows, showing a broader trend of selling pressure across exchanges. Other cryptocurrencies, including XRP and Cardano, have also suffered substantial losses. XRP, for example, experienced a 10% drop, while Cardano lost 15.7%. These declines were part of a wider downturn that affected most of the altcoin market. Meme coins like Shiba Inu and Bonk also saw significant losses, down 23.3% and 22.5%, respectively. Despite the sell-off, some altcoins are still gaining attention. One notable exception is Fartcoin, a meme coin that has gained 71% in the past week and is up 323% for the month. However, these gains are rare, and the overall sentiment in the crypto market remains bearish. As Bitcoin dropped below $100,000, the broader market is showing signs of vulnerability, and analysts are keeping a close watch on further developments. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
