Share this article
Bitcoin Plunges to $93K, Dogecoin Down 27% as Crypto Bloodbath Goes On
Dec 20, 2024, 12:58 p.m.
Make us preferred on Google
What to know:
- A broad crypto market slide worsened at the start of U.S. trading hours as bitcoin (BTC) neared the $93,000 level.
- Ether, Solana’s SOL, Cardano’s ADA, xrp (XRP) and bnb (BNB) fell as much as 16%, while memecoin dogecoin (DOGE) fell over 27%, data shows.
- Some traders say a hawkish tone in this week’s FOMC meeting flipped market sentiment ahead of the new year.
A broad crypto market slide worsened at the start of U.S. trading hours as bitcoin neared the $93,000 level, leading to a fallback across all major tokens.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Ether, Solana’s SOL, Cardano’s ADA, xrp and bnb fell as much as 16%, while memecoin fell over 27%, data shows. Crypto market capitalization is down more than 11% in the past 24 hours, one of the worst single-day drops in the year.
Some traders say a hawkish tone in this week’s FOMC meeting flipped market sentiment ahead of the new year.
“The Fed rate cut itself was already expected and priced in as markets hinged on the Fed's outlook for next year, which was less optimistic than expected and included only two rate cuts instead of the four that were previously expected,” Jeff Mei, COO at crypto exchange BTSE, told CoinDesk in a Telegram message. “Traders should be cautious until inflation is tamed and we see more concrete Trump policies in the coming year.”
But in the mid to long run, we believe that monetary and fiscal stimulus policies in both the US and other parts of the world will ultimately expand liquidity. This will boost crypto markets, and especially Bitcoin as it becomes more of a safe haven asset akin to gold,” Mei added.
More For You
BlackRock exec says 1% crypto allocation in Asia could unlock $2 trillion in new flows
During a panel discussion at Consensus in Hong Kong, Peach pointed to massive capital pools in traditional finance as ETF adoption spreads across Asia.
What to know:
- Even a 1% crypto allocation in standard portfolios across Asia could translate into nearly $2 trillion of inflows, highlighting how modest shifts in asset allocation could transform the digital asset market, according to the head of APAC iShares at BlackRock, Nicholas Peach.
- BlackRock's iShares unit, whose U.S.-listed spot Bitcoin ETF IBIT has rapidly grown to about $53 billion in assets, is seeing strong demand from Asian investors as ETF adoption accelerates across the region.
- Regulators in markets such as Hong Kong, Japan and South Korea are moving toward broader crypto ETF offerings, but industry leaders say investor education and portfolio strategy will be critical to channeling traditional finance capital into digital assets.
Top Stories
