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Bitcoin Price Tumbles Toward $100K Despite Fed’s Latest Rate Cut
The total crypto market cap has plummeted by another $200 billion in a short period of time. The United States Federal Reserve announced its third consecutive rate cut, this time by 25 basis points, but the cryptocurrency market responded in an unprecedented manner – it headed south immediately and violently.
The price decline of Bitcoin is particularly striking, as it has fallen to a multi-day low of $100,250. This sudden downturn does not appear to be near its end. The cryptocurrency had already retraced from $108,300 to $105,000 within a day, making an 36-hour decline of more than eight grand.
As expected, the more volatile altcoins felt the pain even more. XRP is among the poorest performers on a daily scale, having briefly dumped below $2.2 before bouncing back to $2.3. However, Ripple’s native token has still fallen by over 11% in a single day. The declines from DOGE, AVAX, and SHIB are similar, while ETH, BNB, and SOL have posted slightly less painful drops.
The total crypto market cap, which had already plummeted by $150 billion since yesterday, has lost another $200 billion and is now down to $3,650 trillion on CG. The total value of wrecked positions has skyrocketed to nearly $700 million, according to CoinGlass. Longs are responsible for the lion’s share ($600 million), while the overall number of liquidated traders has surpassed 250,000 in a single day.
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Source: cryptopotato.com
