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Crypto Facing $1.2 Billion Liquidation Bloodbath as XRP, DOGE, and ADA Record Stunning Losses
In a shocking turn of events, the cryptocurrency market has been ravaged by a massive liquidation event, with some top assets plummeting in value to unprecedented levels.
According to recent data, XRP, DOGE, and ADA have suffered record losses, wiping out over $1.2 billion from their total valuation. The sudden and brutal sell-off has left traders stunned and reeling, as the market continues to reel from the impact of a Federal Reserve interest rate hike.
The current correction in crypto markets is attributed to higher rates, which have led to increased uncertainty and volatility. As noted by Bitwise CIO Matt Hougan, “Higher rates are bad for risk assets, and the Fed’s announcement caused a sharp pullback in all risk assets.”
This correction has been exacerbated by high leverage levels among traders, causing positions to get stopped out as markets tumble.
The current bearish sentiment is a stark contrast from the recent price action seen on many of these assets, with some enjoying significant gains just weeks prior. The sudden reversal has left investors scrambling to adjust their positions and assess the damage.
In light of this, it’s essential for traders to remain cautious and vigilant in the face of market volatility, given the high stakes involved.
Stay tuned for more updates as this story develops!
Source: u.today
