Claim $500Bitcoin, Altcoins Plummet, Why Is Crypto Down Today
The crypto market is down today after a small surprise rally yesterday. The market is crashing as the sentiment around risk assets turns negative.
Bitcoin prices have fallen by 7% in the last 24 hours. It wipes away all the gains of yesterday’s rally as BTC falls below the $19K mark again. It is currently trading at $18,726.
Ethereum lost more than 7% and is currently trading at $1285. Ethereum continues its downtrend after the merge. The altcoin market continues to struggle with unfavorable macroeconomic conditions.
BNB fell close to 5% while XRP broke its upward trend and fell by more than 10%. Cardano (-6.45%), Solana (-7.20%), DOGE (-5%), and Polkadot (-7%) were the other biggest losers in the market.
Why Is Crypto Down?
The crypto market struggles as the central banks remain hawkish to curb soaring inflation levels in the US. Neel Kashkari of the Minnesota Federal Reserve believes that the interest rates may not be high enough. Susan Collins of the Boston Fed warns that unemployment will rise as the Fed continues its hawkish stance.
The Fed’s hawkish stance is concerning the market participants as recession fears are mounting. Collins hopes that the slowdown will be modest but also concedes that a significant economic event can lead to a recession.
The dollar continues to show incredible strength which is sinking the risk assets market. The US dollar climbed another 0.39% which plummeted other currencies across the globe. The climbing dollar will help solve the soaring inflation levels in the US. However, experts worry if it can also lead to global destabilization.
Key Events To Watch
Several key Fed officials will continue to speak at various events. They include San Francisco’s Mary Daly, Atlanta’s Raphael Bostic and Charles Evans of Chicago.
Germany will release their Consumer Price Index which can lead to global volatility and affect the crypto market. The crypto market will hope that stock market can rally and provide some relief.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Another U.S. Government Shutdown Looming JAN 31? Congress Left Town With No Deal
- Are XRP and Midnight Ahead in Tokenization? Cardano’s Hoskinson Sparks Debate Amid Canton Push
- Breaking: U.S.-China Tensions Heat Up as China Imposes New Sanctions; Bitcoin Falls
- BlackRock Hints at a Big Sell-Off As $27B In Crypto Options Expire
- Aave DAO vs Labs: Aave Founder Pledges Clearer Economic Alignment as DAO Rejects Brand Asset Transfer
- Cardano Price Eyes a 40% Surge as Key DeFi Metrics Soar After Midnight Token Launch
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
