Investors Get Spooked As Crypto Market Faces Correction
Cryptocurrency prices tumbled in the past 24 hours, with Bitcoin (BTC), Dogecoin (DOGE), and Solana (SOL) leading the decline as both crypto and stock markets struggle to recover.
Shifting Expectations
Bitcoin dropped to about $97,856, showing a 4% dip, while Ethereum (ETH) and Dogecoin fell around 7%, and Solana saw a 6% drop. The unexpected rise in U.S. job openings and a shift in investor expectations regarding Federal Reserve interest rate cuts seem to be contributing factors.
More Corrections To Come
This market correction led to a surge in liquidations, with $385 million in long and short positions wiped out in the past 24 hours. The crypto market had previously thrived under low interest rates, but the rate hikes by the Fed in 2022 made Bitcoin less appealing.
Despite this, Bitcoin and equities surged last year as the Fed eased borrowing costs. Former BitMEX CEO Arthur Hayes predicts the crypto market will peak in mid-to-late March before experiencing a significant correction.
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