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Wall Street rebounded on Thursday following its worst session in over three months, driven by strong U.S. economic growth data. Market participants found optimism after reflecting on the Federal Reserve's hawkish stance regarding interest rates.
Dogecoin (DOGE) has experienced significant volatility, with an 18.35% drop in value amid broader market uncertainty influenced by Federal Reserve Chair Jerome Powell's remarks. The cryptocurrency's price fluctuations are driven by external events, community sentiment, and its unlimited supply, raising concerns about its long-term viability. As Dogecoin navigates these challenges, its future remains uncertain, with investors closely monitoring its recovery potential.
Co-founders of Glassnode attribute Bitcoin's recent dip below $100,000 to the Fed's hawkish stance on interest rates, but they anticipate a recovery as Bitcoin shows strong outflows from exchanges. Currently trading at $100,426, Bitcoin's dominance is at a critical juncture, potentially signaling a rally or a resurgence of altcoins in the coming days.
Dogecoin's price has plummeted over 25% in just two days, dropping from above $0.41 to a five-week low of $0.31 amid a broader cryptocurrency market correction. Analysts suggest that further declines could see DOGE testing key support levels around $0.22 before potentially resuming its upward trend following the recent political developments in the U.S.
Ethereum (ETH) experienced a 4.50% decline following the Federal Reserve's 25 basis point rate cut, failing to reach the anticipated $4,500 target. Indicators such as the price-Daily Active Addresses divergence and the Coinbase Premium Gap suggest ongoing selling pressure, with a potential drop to $3,501 if trends persist. A head-and-shoulders pattern on the 4-hour chart further signals a bearish trend, although increased trading volume could alter this trajectory.
Bitcoin's price has surged above $100,000, driven by long-term holders booking record profits, with their supply dropping from $14.23 billion to $13.31 billion. Short-term holders are absorbing the sell-side pressure, indicating the market may not yet be in a state of euphoria. Analysts predict a mild correction, with potential price targets of $145,000 by mid-2025 and speculation of a strategic Bitcoin reserve under the incoming Trump administration could push prices to $800,000 by the end of 2025.
Liquidations in the cryptocurrency market have surged past $1 billion as Bitcoin plummeted to under $98,000, following negative remarks from the US Federal Reserve Chair. Altcoins like ETH, DOGE, and ADA experienced severe losses, with over 330,000 traders affected. The largest liquidation order exceeded $11 million on Bitmex, highlighting the volatility in the market.
Liquidations in the cryptocurrency market have surged past $1 billion as Bitcoin (BTC) fell below $98,000, following negative remarks from the US Federal Reserve Chair. Altcoins like ETH, DOGE, and ADA experienced significant losses, with over 330,000 traders affected in the last 24 hours. The total value of liquidated positions highlights the volatility and turmoil within the market.
Fartcoin, a memecoin lacking utility, briefly surpassed a $1 billion market cap on December 18, despite a broader crypto market slump. This surge followed a U.S. Federal Reserve rate cut announcement, prompting investors to seek alternatives amid uncertainty. The coin's volatility has sparked both humor and concern regarding the state of the crypto market.
Cardano (ADA) has fallen below $1 amid a market sell-off, resulting in $788 million in liquidations across crypto assets. Despite this, on-chain data indicates increased whale activity, with large transaction volumes rising to $14.22 billion, suggesting potential accumulation and a future price rebound. Currently, ADA is down 7.22% in the last 24 hours, with support expected around $0.845, while a recovery above $1.20 could lead to further gains.
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