Dogecoin

Jerome Powell

Million

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The cryptocurrency market is experiencing a sell-off, with a staggering $787 million wiped out in crypto liquidations across various digital assets. Among the hardest hit was <a href="https://u.today/dogecoins-unusual-design-choice-doge-founder-breaks-silence" rel="noopener noreferrer nofollow">Dogecoin (DOGE)</a>, which saw a loss of $29 million in crypto liquidations, according to <a href="https://www.coinglass.com/currencies/DOGE" rel="noopener noreferrer nofollow">CoinGlass</a> data.
The downturn comes as <a href="https://u.today/dogecoin-founder-reveals-surprising-bitcoin-past-details" rel="noopener noreferrer nofollow">Bitcoin</a> and other major cryptocurrencies saw significant losses; macroeconomic concerns and profit-taking by traders might have contributed to the bearish sentiment.
Cryptocurrencies sank as the <a href="https://u.today/federal-reserve-crypto-reacts-to-feds-crucial-market-comments" rel="noopener noreferrer nofollow">Federal Reserve</a>’s cautious outlook for interest-rate cuts hurt speculative investments.
Bitcoin dipped as low as $98,698 at one point on Thursday; the majority of cryptocurrencies, including Dogecoin, also struggled.
Dogecoin's price is currently down 6.05% in the last 24 hours, trading at $0.365 after reaching lows of $0.34. According to CoinGlass, this resulted in $24.59 million in bullish bets liquidated in the last 24 hours, while shorts were liquidated for $5.93 million.
<h2 id="crypto-market-sell-off">Crypto market sell-off</h2>
The <a href="https://u.today/crypto-market-awaits-fed-decision-powells-statement-what-to-expect" rel="noopener noreferrer nofollow">crypto market</a> faced selling pressure as Fed’s signal of fewer rate cuts sent a shudder across markets. Lower rates usually increase demand for most risky assets, including cryptocurrencies.
The Federal Reserve lowered its key interest rate by a quarter percentage point on Wednesday, the third in a row, but warned against more cuts in the coming years.
In a move widely anticipated by markets, the Federal Open Market Committee cut its overnight borrowing rate to a target range of 4.25%-4.5%, back to the level where it was in December 2022 when rates were on the move up.
In delivering the 25-basis-point cut, the Fed signaled that it will most likely lower twice more in 2025. Fed Chair Jerome Powell stated at a post-meeting news conference that more progress is needed on inflation before further loosening monetary policy.
The market decline led to $787 million in liquidations; $661 million in bullish bets were liquidated, while shorts liquidations accounted for $125 million. <a href="https://u.today/dogecoin-takes-hit-amid-crypto-crash-29-million-doge-vanish" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Dogecoin Takes Hit Amid Crypto Crash: $29 Million DOGE Vanish

Table of Contents

U_Today

Other articles published on Dec 19, 2024

BTC Investors Take Note: New Solana Token Could Surge 14,000% When HIt $0.1 in 2025

Metaplanet Stock Debuts on OTCQX: Bitcoin Strategy Pays Off – Again!

Next Big Crypto? Dogizen Prepares for Liftoff Amid A-Grade Partnerships

Bitget Token (BGB) Surges 264% in One Month, Hits New ATH

El Salvador Bitcoin Investment Will Continue At A Faster Pace

Bybit x Block Scholes Crypto Derivatives Report: BTC at All-Time High, ETH Options Signal Momentu...

Join our free newsletter for daily crypto updates!