The cryptocurrency market has experienced a significant setback, shedding about $200 billion in just 24 hours. This decline has forced major digital assets like bitcoin, ether, and BNB to lose between 3% and 5.6% of their value. Among the top currencies, XRP has fared comparatively well, suffering a 2.4% drop, now priced at approximately $2.353 per token, down from earlier highs close to $2.5 this year.
This recent downturn in the crypto market can largely be attributed to a combination of factors. Traditional markets also took a hit, with the S&P 500 falling about 1.1% and the NASDAQ dropping by over 1.8%. The rising Treasury yields have further compounded the issues, with the interest rate on the U.S. 10-year Treasury climbing by about 5 basis points, currently standing at 4.683%. Notably, increased job openings in the U.S. suggest a tightening labor market, which can create additional economic uncertainty.
This combination of factors has led to widespread liquidations in the crypto sphere, surpassing $690 million in just one day, as reported by CoinGlass. The staggering losses are reflected in the prices of major cryptocurrencies: bitcoin has plummeted back to the $95,000 mark, while Ethereum’s ether is now trading around $3,350. The total market capitalization of the crypto space has shrunk to about $3.33 trillion.
If you’re feeling the sting from XRP and the broader crypto market, you’re not alone. Many investors are experiencing anxiety amidst this turbulent climate, hoping for a rebound in the near future.
