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

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

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Bitcoin price is down around 5% in the past 24 hours, and Ethereum price has seen a similar decline. Ethereum rivals solana, cardano and avalanche are all down around 3%, while Ripple’s XRP and Terra luna lead the mainstream cryptocurrency market lower.

The sudden drop comes against the backdrop of a stock market dominated by tech companies, following the Federal Reserve’s 50 basis point hike in interest rates.

A huge sell-off in cryptocurrency prices wiped roughly $100 billion of market value as the…. [+] The price of bitcoin, ethereum, XRP, solana, cardano, luna and avalanche suddenly dropped.

Bitcoin’s struggle is by no means isolated – the 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 warning that bitcoin could “slide back into the the previously found support zone of $36,000-$37,000”.

However, Kopelman is bullish on bitcoin price but less positive on other major coins such as ethereum, XRP, solana, cardano, luna, and avalanche.

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

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

The market reacted belatedly to the largest rate hike by the Federal Reserve since 2000. It was initially excited at the announcement of the news on Wednesday, which led market watchers to believe that this event potentially bearish had been taken into account.

“The market has clearly priced in this bearish event in the weeks leading up to the FOMC meeting, where we saw significant selling pressure,” said Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock. United, in comments emailed after the Fed’s decision.

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

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Thomas Estimbre
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