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Crypto Reacts to Fed’s Crucial Market Comments
Tomiwabold Olajide
The majority of crypto assets suffered larger losses, influenced by profit-taking following a rally earlier in the week. The Federal Reserve’s key inflation measure has been released, causing market uncertainty and triggering significant sell-offs across the cryptocurrency market.
Ethereum, which had previously rallied 6%, fell 6.46% in the last 24 hours to $1,892. XRP, Solana, and Dogecoin also plummeted roughly 7%. Chainlink and Avalanche dropped as much as 9%, while Cardano and Stellar were down more than 5%.
The cryptocurrency derivatives market saw a significant impact as well, with over $423 million in liquidations recorded in the last 24 hours. The majority of these bets, worth over $367 million, were leveraged longs – traders who bet on prices rising.
As the Federal Reserve’s inflation measure was released, it further exacerbated concerns and sparked an intense sell-off across the market, with investors taking profits from recent gains.
Source: https://u.today/feds-key-inflation-measure-released-btc-xrp-doge-remain-in-red
