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Top 5 Reasons Why Bitcoin, ETH, SOL, XRP, Meme Coins Are Crashing

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The crypto market has lost $160 billion in a week as the market cap plunges to $1.98 trillion from $2.14 trillion. Leading cryptocurrencies Bitcoin and Ethereum prices today tumbled to a low of $55,606 and $2,306, respectively. Other top altcoins such as BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, and meme coins also succumbed to the crashing crypto market, triggered by factors such as macroeconomic events, bearish sentiment, and technical chart weakness.

Here’s Why Crypto Market Falling

The crypto market continues crashing despite U.S. Fed officials are upbeat on interest rate cuts in September as inflation and the labor market in the United States are slowing. Pro-XRP lawyer John Deaton’s victory in the Republican primary election indicates positive development for the crypto market and Ripple community. Let’s look at the top 5 reasons why the crypto market is crashing today:

1. September Is Bearish For Stocks and Crypto Market

Historically, the month has been tough for the crypto market as well as other asset classes. Bonds were lower in 8 out of the last 10 September and gold has been lower every year since 2017. Thus, Bitcoin, ETH, XRP, SOL, and meme coins are falling today.

Dow Jones fell 1.51%, the S&P 500 tumbled 2.12% and the Nasdaq Composite plunged 3.26%, which is their worst drop since the August 5 selloff.

Coinglass data indicates that over $200 million in crypto were liquidated in the last 24 hours. Among these, more than $173 million in longs and $27 million in shorts were liquidated amid the bearish sentiment.

Crypto market liquidationsCrypto market liquidations
Source: Coinglass

Moreover, over 75K traders were liquidated and the largest single liquidation order happened on crypto exchange Binance as someone sold ETH for USDT valued at $2.94 million. However, investors have remained overall bullish on XRP.

2. Spot Bitcoin (BTC) ETF and Spot Ethereum (ETH) ETF Outflows

Bitcoin ETFs in the U.S. saw a fifth consecutive outflow, degrading the crypto market sentiment among investors. On Tuesday, spot Bitcoin inflows recorded a net outflow of $287.8 million. Surprisingly, Fidelity Bitcoin ETF (FBTC) saw the highest outflow of $162.3 million, surpassing even the outflows from GBTC recently.

Spot Ether ETFs saw a net outflow of $47.4 million on Tuesday. It has started the first trading day of the month with outflows not seen in the previous weeks. Ethereum price is struggling to hit new ATH and currently trades below $2,400, 4% down in the last 24 hours.

3. Bank Of Japan Governor Affirms Further Rate Hike

Bank of Japan Governor Kazuo Ueda in a document submitted to a government panel chaired by outgoing Prime Minister Fumio Kishida reiterated further rate hikes. Japanese stock index Nikkei 225 tumbled 4.24% today on BOJ rate hike, Nvidia-led tech selloff, and US recession cues.

As CoinGape earlier reported, economists surveyed revealed that BOJ will likely hike rates again by the end of the year. Also, Pacific Investment Management expected a rate hike in January.

Traders fear a crypto market crash is imminent due to growing Japanese yen carry trades by hedge funds and corporate players.

4.  Bitcoin Price Dropped After Weak ISM Manufacturing PMI Data

The crypto market extended crash yesterday immediately after the weak ISM Manufacturing PMI data showed factory activity slowed for a fifth consecutive month. ISM Manufacturing PMI came in at 47.2 in August, missing market expectations of 47.5.

The weak US manufacturing data has fueled recession fears. Traders now eye upcoming jobs data including non-farm payrolls, unemployment rate, and JOLTs job opening this week. Citi analysts suggested that a job growth of 125,000, combined with an unemployment rate of 4.3%, will cause the Federal Reserve to cut interest rates by 50 basis points.

5. DOJ Subpoena Nvidia for Antitrust Investigation

US DOJ has intensified its antitrust investigation into Nvidia by issuing subpoenas to the AI chip giant. Investors reacted immediately amid the new level of scrutiny from the regulators. This brought back the Microsoft antitrust case in focus which crashed markets in 2000.

Notably, the Nasdaq stock index fell by 75% from March 2000 to October 2002, tech stocks erased most gains since the bubble started to expand.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary

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Ripple CEO Brad Garlinghouse has shared another good news with the XRP community. US President-elect Donald Trump has finally picked his Treasury Secretary, making the crypto community including Garlinghouse bullish on XRP and the end of the SEC lawsuit. Ripple CEO Garlinghouse claims Scott Bessent is the perfect pick.

Donald Trump Nominates Scott Bessent As US Treasury Secretary

US President-elect Donald Trump has nominated Scott Bessent to lead the US Treasury Department. The new Treasury Secretary is the founder of hedge fund manager Key Square Group. He is known for the famous short bet against the British sterling in 1992 when he worked for George Soros.

Picking the US Treasury chief proved to be one of Trump’s most crucial decisions as Wall Street closely watched the drama. Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh were in the race.

“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump wrote on Truth Social, reported Reuters.

Both Wall Street and the crypto market reacted bullishly as Trump named Scott Bessent to lead Treasury Department. Bessent is positive on crypto adoption policy, but investors await more details on his views on fiscal policy and the next steps.

Ripple CEO Brad Garlinghouse Hails Trump’s Treasury Sec Pick

Ripple CEO Brad Garlinghouse took to X to express his satisfaction with Scott Bessent as Treasury Secretary. He said “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick.” He claims Bessent will be the most pro-innovation, pro-crypto Treasury Secretary ever seen.

Other crypto executives and experts including Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey reacted positively.

Pro-XRP lawyer John Deaton said the Trump transition team now needs to get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion timeline for Ripple SEC case.

XRP Price Rises Over $1.60 As Ripple CEO Turns Bullish

Bullish reactions from Ripple CEO and Cardano founder Hoskinson triggered further rally in XRP and ADA prices. All eyes are now on upcoming nominations by Donald Trump.

XRP price extended its weekly rally to more than 60%, with a 12% pump in the last 24 hours. XRP saw a 24-high of $1.62 as trading volume climbed further by 22%. Popular analysts predicted an XRP price target of $2.

ADA price jumped 22% in the past 24 hours, with the price finally surpassing $1. The 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, the trading volume has increased by 130% in the last 24 hours, indicating a massive interest among traders.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin Whales Reactivate After Spending $214.5 Million To Buy 550 Million DOGE

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Dogecoin whales are on a significant accumulation spree, as reports reveal that these large-scale token holders have bought over 550 million DOGE tokens. This massive accumulation trend comes as analysts predict that DOGE may be preparing for a major price leap. 

Dogecoin Whales Go On Massive Buying Trend 

Crypto analyst Ali Martinez has revealed that over the past week, large-scale token holders, often called “whales,” have purchased more than 550 million DOGE tokens, valued at an impressive $214.5 million. Although Martinez made this announcement in an X (formerly Twitter) post on November 21, this news was initially reported by Santiment, a market intelligence platform. 

The recent surge in whale accumulation has put significant buying pressure on DOGE, highlighting the increased investor demand and interest. Notably, this increase in whale activity comes as the DOGE price has recorded significant gains this month

Historically, large scale whale movements have often aligned with significant shifts in the Dogecoin price. Earlier this month, there was an increase in whale activity as Dogecoin’s value soared above $0.3. While the unexpected price spike led to increased selling pressure, it appears whales are returning and are buying into DOGE in droves.

As the number one meme coin, DOGE has already gained a massive following and a supportive community, which have contributed to its popularity, widespread adoption, and increase in value. Recently, the Dogecoin price recorded double-digit gains as news of SpaceX CEO Elon Musk’s Department of Government Efficiency (D.O.G.E) proposal spread. 

Moreover, the positive market sentiment from Donald Trump’s win in the US Presidential election also served as a bullish catalyst for the DOGE price. With all these market rallying factors in place, whales appear to be hedging their bets in preparation for a potential price surge.

This spike in whale activity can also be seen as IntoTheBlock reports that approximately 60.9 billion DOGE tokens have been moved around by whales in the past week. This massive spike in large transaction volume represents $23.35 billion.

Analysts have also predicted that once the DOGE price breaks past resistance levels around $0.4, the cryptocurrency will enter a major bullish phase. Additionally, analysts forecast that Trump’s upcoming inauguration could further propel Dogecoin’s price, potentially pushing it to the highly coveted $1

Analyst Predicts Dogecoin Price Pump Above $4

Following Martinez’s post highlighting the significant rise in Dogecoin whale accumulation, crypto analyst Trader Tardigrade suggested that these large-scale holders may be positioning for a 10X surge in the Dogecoin price.

As of writing, DOGE is trading at $0.39; therefore, a 10X surge would push the meme coin towards a $4 price target. Trader Tardigrade has also indicated that if these whales aim for a much larger Dogecoin price spike, then the meme coin could be gearing up for a higher surge above $4. 

Dogecoin price chart from Tradingview.com
DOGE makes a move to the upside | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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BTC at $98K, HBAR Surges 25% and XLM rises 55%

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Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.

Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.

Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%

Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.

Bitcoin Price Today

BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.

According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.

Ethereum Price Today

Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.

The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.

Solana Price Today

Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.

XRP Price Today

XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.

Meme Coins Performance Today

Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.

Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.

On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.

Top Cryptocurrency Gainer Prices Today

Stellar

Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.

Hedera

Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.

Cardano

Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.

Top Cryptocurrency Loser Prices Today

Peanut the Squirrel

Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.

Popcat (SOL)

Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.

Raydium

Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.

Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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