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, 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
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Strategy surges 6% on MSCI decision not to exclude DATs from indexes
Shares of the Michael Saylor-led firm had been under pressure not just from weak bitcoin prices, but also the chance that the indexing giant might exclude DATs from its indexes.
What to know:
- Strategy (MSTR) shares rose 6% in after-hours trading after MSCI's decision on digital asset treasury companies.
- MSCI stated that distinguishing between investment companies and those holding digital assets requires further research.
- The current index treatment for companies with digital assets making up 50% or more of their total assets will remain unchanged.
