Crash of cryptocurrencies: Free fall for the price of Bitcoin, Ethereum, XRP, Luna, Solana, Cardano and Avalanche!

Bitcoin, Ethereum and other major cryptocurrencies suddenly crashed, wiping out about $ 100 billion from the combined cryptocurrency market in minutes (and after a serious bitcoin price warning).

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The Bitcoin price has fallen about 5% in the last 24 hours and the Ethereum price has experienced a similar drop. Ethereum rivals solana, cardano and lavanche have all fallen around 3%, while Ripples XRP and Terra luna lead the regular cryptocurrency market lower.

The sudden drop comes against the backdrop of a stock market dominated by technology companies, following the Federal Reserve’s 50-point rate hike.

A huge sale in cryptocurrency prices wiped out about $ 100 billion of market value as … [+] The price of bitcoin, ethereum, XRP, solana, cardano, luna and avalanche suddenly dropped.

Bitcoin’s fight is by no means isolated – S&P 500 [est tombé] to a new low for the year, “said Sam Kopelman, the UK manager of bitcoin and cryptocurrency exchange Luno, in emailed comments and warnings that bitcoin could” slip back into the previously found support zone of $ 36,000- $ 37,000 “.

However, Kopelman is optimistic about the bitcoin price, but less positive about other major currencies such as ethereum, XRP, solana, cardano, luna and avalanche.

“Overall, 2022 has generally seen cryptocurrency market participants move down the risk ladder and sell their smaller coins to blue chip coins like bitcoin,” Kopelman said.

The Bitcoin price suddenly broke below its latest support level of $ 38,000 per bitcoin.

The market reacted late to the largest rate hike by the Federal Reserve since 2000. It was initially enthusiastic about the announcement of the news on Wednesday, leading market observers to believe that this event was potentially bearish.

“The market has clearly been pricing this bearish event in the weeks leading up to the FOMC meeting, where we saw significant sales pressure,” said Marcus Sotiriou, analyst at UK digital assets broker GlobalBlock. United, in comments sent via email following the Fed’s decision.

Earlier this week, an experienced trader warned that the price of bitcoin could fall as low as $ 28,000, a drop of $ 10,000 per share. bitcoin from its current price.

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Thomas Estimbre
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