Log In / Create Account. Sign Up. BTC. 102,282.99. -2.55%. ETH. 3,698.80. -4.69%. USDT. 0.99949805. -0.03%. XRP. 2.42. -6.43%. BNB. 702.85. -2.14%. SOL. 210.12. -3.59%. DOGE. 0.36514851. -6.33%. USDC. 0.99997705. +0.00%. STETH. 3,692.54. -4.68%. ADA. 0.98492548. -6.10%. TRX. 0.26557025. -3.54%. AVAX. 43.30. -8.47%. LINK. 25.47. -8.97%. SHIB. 0.0₄24419. -6.47%. TON. 5.45. -5.38%. WBTC. 102,005.58. -2.51%. SUI. 4.56. -0.17%. XLM. 0.40908715. -7.12%. HBAR. 0.29597808. -3.79%. BCH. 487.51. -7.50%. Markets. Share this article. XRP and DOGE futures recorded an unusually high $70 million in liquidations, indicative of rising speculative activity in majors.. By Shaurya Malwa|Edited by Parikshit Mishra. Updated Dec 19, 2024, 6:43 a.m. UTCPublished Dec 19, 2024, 6:24 a.m. UTC. What to know:. BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025.. XRP, DOGE and SOL fell as much as 5.5%, with BNB Chain’s BNB and ETH down 2.5%.. A bitcoin (BTC) slump spiraled into over $700 million worth of liquidations across futures tracking major tokens, with XRP and dogecoin (DOGE) products recording unusually high losses.. BTC fell under $100,000 in late U.S. hours before slightly recovering during early Asian hours Thursday, as the Federal Reserve hinted at a few rate cuts in 2025. Fed chair Jerome Powell then said at a post-FOMC press conference that the central bank wasn’t allowed to own bitcoin under current regulations — in response to a question about President-elect Donald Trump’s strategic reserve promises.. Story continues below. Don’t miss another story.Subscribe to the Crypto Long & Short Newsletter today.See all newslettersBy signing up, you will receive emails about CoinDesk products and you agree to ourterms of useandprivacy policy.. “That’s the kind of thing that Congress should consider, but we are not looking for a law change,” Powell said. In a July campaign, Trump said the government would keep 100% of all the bitcoin it currently holds or acquires in the future under his administration — referring to the stockpile of seized BTC held by the country.. BTC fell 3% after Powell’s comments, causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Chainlink’s LINK fared the worst with a 10% drop — erasing some gains from earlier in the week as Trump-backed World Liberty Financial purchased $2 million worth of the tokens.. The market slide led to over $700 million in bullish bets liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.. A liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to the trader’s inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying.. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment.. Some traders say Powell’s comment may mark a local top, dampening expectations of a continued rally toward the end of the month.. “Crypto markets may have entered a peak if a U.S. Bitcoin strategic reserve is no longer in play, as this promise helped to fuel the recent months’ rally to new all-time highs, Nick Ruck, director at LVRG Research, shared with CoinDesk in a Telegram message. “Although an interest rate cut would normally have a bullish reaction since it was largely expected, the market strongly reacted after Fed Chair Jerome Powell stated that inflation would be a continuing problem throughout the next year.”. Traders at Singapore-based QCP Capital, however, remain generally bullish for the coming year.. “Don’t get shaken out of your positions if a drop occurs. With 2025 poised to be a potentially bullish year for crypto, particularly with Trump in office, staying the course may prove beneficial,” the company said in a Thursday broadcast message.. Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.. ABOUT. About Us. Masthead. Careers. CoinDesk News. CONTACT. Contact Us. Accessibility. Advertise. Sitemap. POLICIES. Ethics. Privacy. Terms of Use. Cookie Consent. Do Not Sell My Info. DISCLOSURE. Please note that ourprivacy policy,terms of use,cookies, anddo not sell my personal informationhave been updated.. 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