tl;dr
Crypto liquidations have reached $1.4 billion in the past 24 hours, with Bitcoin's price dropping to $92,000, down 13.4% from its all-time high. Ethereum, XRP, and Dogecoin also experienced significant declines. This comes as $680 million flowed out of spot Bitcoin ETFs on Thursday, and Federal Rese...
Crypto liquidations have hit $1.4 billion over the past 24 hours, with Bitcoin's price dropping to $92,000, down 13.4% from its all-time high. Ethereum, XRP, and Dogecoin also experienced significant declines.
$680 million flowed out of spot Bitcoin ETFs on Thursday, and Federal Reserve chair Jerome Powell's comments sparked the market pullback. The pullback in the crypto markets began when Powell suggested that the U.S. central bank may cut interest rates far less frequently in 2025 than first thought.
Double-digit declines in crypto and stock markets create discomfort for new investors, but some traders anticipate a rebound with the pro-crypto President set to take office and ETFs buying BTC rapidly.
Leveraged traders with long positions were left reeling after a sharp pullback in Bitcoin's price—and harsher declines among altcoins. Ethereum was down 16%, XRP plunged 18%, and Dogecoin 26% over a 24-hour period.
Over on Wall Street, data from SoSoValue shows $680 million flowed out of spot Bitcoin ETFs on Thursday—a record figure not seen since these products launched back in January. The pain was also inflicted on the stock market, with declines across the S&P 500, Nasdaq 100, and London's FTSE.
Despite the losses, some traders believe this is a temporary setback, citing potential for new record highs next year, especially with the incoming pro-crypto administration and increasing ETF investments in Bitcoin.