Why Crypto Is Down Today? $588M Crypto Liquidations Trigger Market Panic

The post Why Crypto Is Down Today? $588M Crypto Liquidations Trigger Market Panic appeared first on Coinpedia Fintech News

The US stock market has taken a massive hit, losing over $1.5 trillion in a single day, and the crypto market felt the heat. This bloodbath has been triggered by a series of events, including the Federal Reserve’s rate cuts and global tensions, like Israel’s airstrikes on Iran-backed groups in Yemen. Let’s analyze what caused the bloodbath in Satoshi Street today. 

Crypto Bloodbath: A Brutal 24 Hours

In the past 24 hours, the crypto market saw a huge sell-off, wiping out $588 million in positions. XRP was hit the hardest, with $69 million in liquidations after its price peaked at $2.82, the highest it’s been since 2017, before falling to $2.56. Bitcoin lost $60 million in liquidations after its price dropped below $96,000. Ethereum also took a hit, losing nearly $58 million.

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What’s Behind the Drop?

A recent report from Santiment suggests that traders are feeling uneasy after the Federal Reserve’s interest rate cuts. While the cuts themselves weren’t the main concern, the projection that there will be fewer rate cuts in 2025 than expected has spooked both crypto and stock traders. This uncertainty, mixed with a shift from “Extreme Greed” to “Fear” in the market, has contributed to the sell-off.