The cryptocurrency market experienced a bloodbath on Wednesday, with the price of Bitcoin (BTC) dropping below the 97K level, falling sharply from $102K to $97K. The collapse in crypto prices today was attributed to the significant rise in US Treasury yields over the past decade. In addition, the Institute for Supply Management (ISM) released a report showing that the December Purchasing Managers’ Index (PMI) for the private sector reached 54.1, up from 52.1 in November, adding to market volatility. Major altcoins also witnessed sharp declines, with most falling by 5% to 10% in the last 24 hours. Meme coins faced similar pressure, with Dogecoin (DOGE) and Shiba Inu (SHIB) falling 8% to 10% in the same time frame.
Bitcoin price, ETH, SOL and many altcoins are down
Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and Solana (SOL) experienced sharp declines during the market crash. Today, the drop in crypto prices has significantly affected these coins. On a positive note, however, Ripple CEO Brad Garlinghouse met with former US President Donald Trump at Mar-a-Lago, signaling potential future discussions on regulatory clarity. Bitcoin price was trading at $96,633, down about 5% in the last 24 hours. The 24-hour lows and highs were $96,121 and $102,017 respectively. According to SoSo Value data, BTC ETFs saw an outflow of $543 million, while Ark & 21Shares sold $212 million worth of ETFs, Grayscale sold $125 million and Bitwise sold $113 million.
Ethereum (ETH) price traded at 3,383 today, down 8% in the last 24 hours. The 24-hour low and high were $3,357 and $3,687, respectively. The ETH ETF saw outflows of $86 million, with Fidelity selling $67 million of the ETF. BlackRock’s data is still awaited. Solana (SOL) is down 8% to $199 in the last 24 hours today. The 24-hour low and high were $198 and $217, respectively. Toronto’s Sol Strategies announced a CAD 25 million investment in Solana’s blockchain ecosystem. Crypto prices today show that XRP has fallen by about 3% in the last 24 hours. The 24-hour lows and highs were $2.27 and $2.46, respectively. XRP’s market capitalization was $134 billion.
What are the rising and falling altcoins?
Bitget Token (BGB) was the only coin in green in the top 100 in the last 24 hours. The price of BGB traded at $6.52, an increase of nearly 6%. The 24-hour low and high were $6.21 and $6.64, respectively. HYPE was the worst performing coin today, down 15% in the last 24 hours. The 24-hour lows and highs were $21.95 and $26.29. Crypto prices reflected this decline today, with HYPE’s market capitalization at $7.31 billion and trading volume at $1.92 billion.
DYDX price fell 13% and traded at $1.40. The 24-hour low and high were $1.397 and $1.635, respectively. Also, Fantom (FTM), Gala and Beam have declined by 12% in the last 24 hours. Meme coin prices have followed Bitcoin’s path today, falling sharply in the last 24 hours. Dogecoin (DOGE) price fell 10% to trade at $0.35. Shiba Inu also fell 9% to trade at $0.00002173. Other notable meme coins such as PENGU, BONK and PEPE have dropped by 10% to 12% in the last 24 hours.
Moreover, according to Coinglass data, the 24-hour liquidation was $606 million, with $547 million coming from long positions and $59 million from short sales. Crypto prices today were affected by a total of $85 million in liquidations in the last 4 hours, of which $77 million came from long positions. 192,418 traders were liquidated in the last 24 hours. The largest single liquidation order was on Binance for ETHUSDT worth $17.74 million.
To stay up-to-date with the breaking news, follow us on Twitter, Facebook, and Instagram. Join our Telegram and YouTube channel
