Crypto Analyzer

crypto price today: Crypto Price Today: Bitcoin, Etherium, Solana, others crash up to 17% on liquidations

# Cryptocurrency Market Update: Bitcoin, Etherium, Solana, and Others Experience Significant Crash

The cryptocurrency market took a major hit as prices of top digital assets witnessed a sharp crash on Friday. Bitcoin (BTC), the leading cryptocurrency, experienced an 8% decline, trading at $54,129 around 12:30 pm. This drop marks a 12% decrease in the last seven days. The effects of BTC’s fall rippled across the market, impacting other major cryptocurrencies like Etherium (ETH), BNB, Solana, XRP, Toncoin, Dogecoin, Cardano, Tron, Avalanche, and Shiba Inu, with declines of up to 17%.

Bitcoin’s plunge below the $55,000 level, reaching a two-month low, was attributed to various factors such as uncertainty surrounding the US presidential election, Mt. Gox flows, and developments like the German government moving $175 million in Bitcoin. Additionally, the Federal Reserve’s indication of not being ready to cut rates added to the selling pressure in the market.

The recent drop in cryptocurrency prices was also fueled by significant liquidations, leading to market-wide liquidations exceeding $300 million in the last 24 hours. The broader altcoin market suffered as a result, with prices plummeting.

Sathvik Vishwanath, Co-Founder & CEO of Unocoin, noted that Bitcoin’s dip was influenced by a stronger US dollar and uncertainty regarding Federal Reserve actions. Economic indicators and Fed decisions are expected to play a crucial role in Bitcoin’s trajectory. Vishwanath highlighted that any signs of economic weakness or shifts in Fed policy could swiftly impact Bitcoin’s performance.

Despite the recent downturn, Bitcoin remains up by 80% over the past year. Analysts believe that bullish investors are likely to support BTC at lower levels and drive the price upwards over the weekend. Experts anticipate the next support level at $54,900 with resistance at $56,700, advising investors and traders to closely monitor the market.

In conclusion, the cryptocurrency market’s volatility underscores the importance of staying informed and remaining vigilant amidst price fluctuations. As experts provide insights into market dynamics, it is essential for market participants to exercise caution and make informed decisions based on their risk tolerance and market analysis.

*(Disclaimer: The opinions and recommendations shared by experts are their own and do not reflect the views of The Economic Times.)*