Market Turmoil: Crypto Liquidations Reach $1.25 Billion Following Sharp Price Decline
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Crypto market faces $1.25B liquidations as Bitcoin plunges below $96K
The crypto market has faced a staggering $1.25 billion in liquidations over the past 24 hours, following a massive plunge of nearly 10% in cryptocurrency prices. This drastic downturn is largely attributed to Bitcoin’s (BTC) unexpected drop below the crucial $96,000 mark.
As of the latest update from CoinMarketCap, BTC was trading at $94,581.14 after plummeting by 7.24% within a single day. This precipitous fall follows the Federal Reserve’s decision to slash interest rates by an unprecedented 25 basis points on December 18th.
Despite the prevailing sentiment suggesting a potential short-term bearish correction, some experts predict that this downturn may not be entirely detrimental to the market. With Bitcoin dominance dwindling as altcoins gain traction, a few analysts have taken up their pens to speculate about an imminent altcoin season.
Source: eng.ambcrypto.com
