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Crypto Facing $1.2 Billion Liquidation Bloodbath as XRP, DOGE, and ADA Record Stunning Losses
The cryptocurrency market has taken a drastic turn for the worse, with a wave of liquidations expected to wipe out a staggering $1.2 billion in value from the industry. The news comes after the US Federal Reserve indicated that it would reduce easing in 2025 after implementing a “hawkish” rate cut.
As reported by U.Today, the cryptocurrency market has turned bearish following the Fed’s decision, with only two rate cuts expected near year-end. This drastic change in sentiment has sent shockwaves through the markets, causing many to reassess their investment portfolios and crypto holdings.
This latest development has led to a mass exodus from risk assets, with Bitcoin (BTC) prices plummeting by 10% within a single day. Other major cryptocurrencies have also taken a beating, with XRP, DOGE, and ADA all recording stunning losses.
XRP’s price has tanked by 20%, while DOGE and ADA have lost around 15%, respectively. As the market continues to decline, experts predict that these losses will only continue to grow unless the Fed can reverse its stance on rate cuts.
As a result, investors are advised to exercise extreme caution when trading or investing in cryptocurrencies during this time of heightened uncertainty.
Source: u.today
