Bitcoin, Ethereum, Dogecoin, XRP Plunge Amid Fading Fed Rate Cut Hopes: As BTC Stays Below $100,000, Analyst Says ‘It’s Not Great’
Leading cryptocurrencies declined alongside stocks on Wednesday, as the six-week data blackout shrouds the Federal Reserve’s outlook for December.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -2.99% | $99,162.24 |
| Ethereum (CRYPTO: ETH) |
-6.46% | $3,210.17 |
| XRP (CRYPTO: XRP) | -4.11% | $2.30 |
| Solana (CRYPTO: SOL) | -6.34% | $143.68 |
| Dogecoin (CRYPTO: DOGE) | -4.41% | $0.1637 |
Crypto Liquidations Hit $750 Million
Advances achieved earlier in the week were reversed as Bitcoin sank below $98,000. Trading volume jumped 50% to $104 billion in the last 24 hours, indicating high selling pressure.
Ethereum plunged to an intraday low of $3,156, accompanied by a 44% jump in 24-hour trading volume. XRP and Solana also retreated sharply.
Cryptocurrency liquidations topped $750 million in the last 24 hours, according to Coinglass, with $600 million in bullish long bets erased.
Moreover, roughly $450 million in Bitcoin long positions risked liquidation if the apex cryptocurrency slides further to $97,000.
Bitcoin’s open interest increased by 0.68% in the …
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