Bitcoin Crashes 10%, Ethereum, XRP Down 18%, Dogecoin Craters 28%: What Is Going On?
Bitcoin (CRYPTO: BTC) on Friday plummeted approximately 10% to a preliminary low of $92,250, influenced by the Federal Reserve’s recent “hawkish” 0.25% rate cut and a combination of profit-taking and technical market forces, according to industry experts.
Ethereum (CRYPTO: ETH) has followed Bitcoin down, falling 16% to $3,115.
Ripple (CRYPTO: XRP) has seen an 18% drop, and BNB (CRYPTO: BNB) is down 12% at $618.
Among the smaller altcoins, Dogecoin (CRYPTO: DOGE) has crashed by 28%, with Shiba Inu (CRYPTO: SHIB) and SUI (CRYPTO: SUI) each losing about 25% of their value over the last 24 hours.
Speaking with Benzinga, Forest Bai, Co-founder of Foresight Ventures, attributes this downturn to the Federal Reserve’s hawkish stance and reduced expectations for future rate cuts, which have tightened macro liquidity.
“Bitcoin’s recent pullback marks the first significant market adjustment since the post-U.S. election euphoria,” Bai stated, highlighting that such 20% …
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