NEW YORK / LONDON (IT BOLTWISE) – The crypto market is experiencing turbulent times as Bitcoin and XRP record significant losses just before Black Friday. The total market cap fell below $3 trillion while over 215,000 traders were liquidated. Experts warn of further declines as uncertainty over the Federal Reserve’s interest rate policy worsens the situation.
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The crypto market is facing a challenging phase as Bitcoin and XRP prices have dropped significantly just before Black Friday. The total market value of digital assets fell below the $3 trillion mark on November 20th. According to on-chain analytics firm CoinGlass, more than 215,000 crypto traders were liquidated, resulting in a loss of over $820 million. The largest single liquidation of $30.91 million in Bitcoin took place on the HTX crypto exchange.
The uncertainties began on October 10, when former US President Donald Trump stoked public sentiment by threatening to impose a 100% tariff on imports from China. This announcement led to panic in the markets and a loss of over $19 billion in a single day. Despite several attempts at recovery, the market has not yet stabilized.
Another factor adding to the uncertainty is the lack of current October jobs data, putting the Federal Reserve in a difficult position. The central bank must decide next month whether to cut interest rates or not. The crypto market is sensitive to political uncertainty, and with no further interest rate cuts appearing this year, there is no recovery in sight.
The crypto fear and greed index has fallen to 15, indicating “extreme fear” among traders. Similar to Bitcoin’s volatility, crypto traders’ sentiment also fluctuates wildly. Some are optimistic and see the opportunity to buy on dips, while others have a gloomy mood. Bloomberg analyst Mike McGlone warns that the worst is yet to come and Bitcoin could even crash to $10,000.
Paolo Ardoino, the billionaire CEO of leading stablecoin company Tether, calls the current situation “Bitcoin Black Friday.” Hedge fund legend Ray Dalio also expressed concerns about Bitcoin’s long-term vulnerabilities, although he admitted to having 1% of his portfolio invested in the leading cryptocurrency.
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