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

Cryptocurrency prices have taken a significant hit, with Bitcoin, Ethereum, XRP, Dogecoin and Solana all suffering heavy losses. After briefly hitting an all-time high above $108,000, Bitcoin fell 7% in a single day to $97,000. Ethereum fell nearly 12% to trade at $3,422, while XRP saw a similar decline, down 11% to $2.22. Dogecoin, the popular meme coin, fell 20% to land at $0.31. Solana, another major altcoin, fell below the $200 mark, down 12% to $191. These losses are part of a larger correction across the crypto market, with the entire sector down 9%.

The decline comes after Federal Reserve Chairman Jerome Powell’s recent remarks on inflation projections for 2025 spooked markets. Powell’s comments that inflation may be higher than expected and the likelihood that interest rates will remain high for longer led to a broad sell-off in risk assets, including cryptocurrencies. Meme coins like Dogecoin, known for their sensitivity to macroeconomic news, were particularly hard hit. Dogecoin’s price fell by 12.4% and trading volume increased by 67%, indicating panic among holders. Despite this, Dogecoin remains one of the largest cryptocurrencies by market capitalization, with a value of $46.6 billion.

The market has too seen massive liquidations where over $1.2 billion worth of crypto positions were wiped out in just 24 hours. Long positions accounted for the bulk of the liquidations, totaling $1.07 billion. The largest single liquidation order to occur on Binance was worth nearly $16 million. In addition, Binance saw $83 million in outflows, showing a broader trend of selling pressure across exchanges.

Other cryptocurrencies, including XRP and Cardano, have also suffered significant losses. XRP, for example, saw a 10% drop, while Cardano lost 15.7%. These declines were part of a broader downturn affecting most of the altcoin market. Meme coins like Shiba Inu and Bonk also saw significant losses, down 23.3% and 22.5% respectively.

Despite the selloff, some altcoins are still gaining attention. A notable exception is Fartcoin, a meme coin that is up 71% in the past week and is up 323% for the month. However, these gains are rare and the overall sentiment in the crypto market remains bearish. As Bitcoin fell below $100,000, the broader market is showing signs of vulnerability and analysts are closely watching further developments.