Bitcoin, Ethereum, XRP, Dogecoin Extend Losses As Crypto Liquidations Surpass $1 Billion

The Crypto Market's Bloodbath: Bitcoin, Ethereum, and Others Plunge as Liquidations Exceed $1 Billion

The cryptocurrency market has been gripped by a wave of sell-offs, with major digital assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) all extending their losses. This downward spiral comes in the wake of the Federal Reserve's hawkish stance, which has put significant pressure on the crypto space.

Bitcoin, the flagship cryptocurrency, remains range-bound around the $106,934 level, unable to break free from the bearish momentum. Ethereum, the second-largest crypto by market capitalization, has also seen its value dip to $3,630.15, while Solana (SOL), XRP, and Dogecoin have all experienced significant declines.

The broader crypto market's woes have been exacerbated by a staggering $1.19 billion in liquidations over the past 24 hours, according to Coinglass data. A total of 307,714 traders were caught in the carnage, highlighting the magnitude of the market's distress.

This market-wide downturn has shaken the confidence of crypto investors and enthusiasts, who have seen their portfolios take a significant hit. The crypto community is closely monitoring the situation, hoping for a swift recovery, as the future of the digital asset ecosystem hangs in the balance.

As the crypto market navigates this turbulent period, investors and analysts will be closely watching for any signs of stabilization or a potential reversal. The coming days and weeks will be crucial in determining the long-term trajectory of Bitcoin, Ethereum, and other prominent cryptocurrencies.