Cryptocurrency market sees $1.2 billion in liquidations, as Bitcoin, Dogecoin, XRP, and Solana face double-digit losses.

Cryptocurrency prices took a big hit, with Bitcoin, Ethereum, XRP, Dogecoin, and Solana all suffering significant losses. After briefly reaching an all-time high of over $108,000, Bitcoin fell 7% in one day to $97,000. Ethereum fell nearly 12%, trading at $3,422, while Ripple (XRP) saw a similar decline, down 11% to $2.22. The famous Dogecoin currency fell by 20%, reaching $0.31. Solana, another major altcoin, fell below $200, down 12% to $191. These losses are part of a larger correction across the cryptocurrency market, which saw the entire sector decline by 9%.

This contraction comes after Federal Reserve Chairman Jerome Powell’s recent statements about inflation expectations for 2025, which caused concern in the markets. Powell’s comments about inflation potentially being higher than expected and interest rates likely to remain high for longer led to a widespread sell-off in risk assets, including cryptocurrencies. Cryptocurrencies like Dogecoin, known for their sensitivity to macroeconomic news, have been hit particularly hard. Dogecoin price fell by 12.4%, and trading volume rose by 67%, indicating panic among coin holders. Despite this, Dogecoin remains one of the largest cryptocurrencies by market cap, worth $46.6 billion.

The market has too visual Massive liquidations, with over $1.2 billion wiped out of cryptocurrency positions in just 24 hours. Long positions accounted for the bulk of liquidations, with a total value of $1.07 billion. The largest single liquidation order, which occurred on Binance, was worth approximately $16 million. Additionally, Binance saw $83 million in outflows, showing a broader trend of selling pressure across exchanges.

Other cryptocurrencies, including XRP and Cardano, also suffered significant losses. For example, XRP saw a 10% decline, while Cardano lost 15.7%. These declines were part of the broader downturn that affected most of the altcoin market. Cryptocurrencies like Shiba Inu and Bonk also saw significant losses, down 23.3% and 22.5%, respectively.

Despite the sell-off, some altcoins are still gaining attention. One notable exception is Fartcoin, a meme coin that gained 71% in the past week and is up 323% over the month. However, such gains are rare, and the overall sentiment in the cryptocurrency market remains bearish. With Bitcoin falling below $100,000, the broader market is showing signs of weakness, and analysts are closely monitoring further developments.