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XRP Plunges 12% as Crypto Market Loses $1 Trillion
By Alex Dovbnya, U.Today
December 14, 2024 – 22:54 GMT
The cryptocurrency market has taken a significant hit in recent hours, with the global market capitalization losing approximately $1 trillion. The sharp downturn has resulted in an unprecedented 12% plunge of XRP’s value.
According to Greeks.live data, market makers are currently repositioning their portfolios amid the Christmas season when trading volumes tend to drop significantly. This reduced liquidity could lead to increased volatility in both US equities and cryptocurrencies.
In a surprising turn of events, Bitcoin is currently trading slightly above the coveted $100,000 level, while Ethereum has lost roughly 2% of its value since yesterday’s close at $3,920.
As reported by Greeks.live, traders are opting for options as a hedging tool against volatile price movements during this holiday season. This trend might be attributed to the growing influence of the U.S. stock market on cryptocurrency prices, leading many investors to consider diversification strategies to mitigate potential losses.
It is important to note that any predictions or statements made by analysts and other industry experts are not necessarily investment advice.
Source: u.today
