Crypto Market Tumbles as $588M Liquidations Spark Panic
Release: 2024/12/20 08:44 Reading: 945
- Original author：Crypto News Land
- Original source：https://cryptonewsland.com/?p=207406
US Stock Market Loss Impacts Crypto Market
On December 20, 2024, the US stock market experienced a significant loss of over $1.5 trillion, triggering a $588 million liquidation in the cryptocurrency market. XRP was particularly hard hit, with liquidations totaling $69 million.
Traders' Sentiment Shifts
The decline in the stock market was partially attributed to reduced optimism following the Federal Reserve's rate cut projections for 2025. This caused a shift in trader sentiment from "Extreme Greed" to "Fear."
Crypto Liquidations
The crypto market faced a sell-off, with liquidations reaching $588 million. Altcoins, including Avalanche, Chainlink, Litecoin, and Pepe, experienced price declines of around 16%. XRP fell by 6.74% to $2.35, while Solana witnessed a 9.79% decline to $208.49 over the week.
Market Sentiment Driven by Federal Reserve Policy
The Federal Reserve's recent rate cuts contributed to the shift in market sentiment. The central bank indicated that fewer rate reductions might occur in 2025 than initially anticipated, which spooked traders.
Analyst Warnings
Analysts, including former BitMEX CEO Arthur Hayes, have warned of further volatility in the market. Hayes suggested that the crypto market could experience another downturn around Donald Trump's inauguration on January 20, 2025, due to delayed regulatory policies.
Market Recovery Hopes
Despite the sell-off, some analysts believe this period could present a buying opportunity. Additionally, rumors of a new cryptocurrency exchange-traded fund (ETF) have sparked hope for market recovery.
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