What’s Happening in the Crypto Market? BTC, ETH, and XRP Prices Plunge!

• A comprehensive selling wave started in the crypto market today, and over 90 million dollars’ worth of crypto assets were liquidated within an hour.
• Ethereum prices also dropped below the $1850 level. The ETH price has fallen by more than 2% in the last 24 hours and is currently trading at $1,853.
• The liquidation of long positions coincided with the launch of Worldcoin (WLD) token by ChatGPT founder Sam Altman.

The crypto market faced a strong selling wave as it entered the week when the FED will make its interest rate decision, and Bitcoin experienced a drop to $29,000.

A Strong Selling Wave Started in the Crypto Market

Today, a comprehensive selling wave started in the crypto market, and over $90 million worth of crypto assets were liquidated within an hour. In the last 24 hours, there has been a liquidation of $150 million. The price of Bitcoin dropped by 3% to $29,000 and is currently trading around $29,310. In the last 24 hours, the low and high prices of BTC were recorded as $29,068 and $30,330, respectively.

Ethereum prices also dropped below the $1850 level. The ETH price has fallen by more than 2% in the last 24 hours and is currently trading at $1,853. The 24-hour low and high values were $1,837 and $1,904, respectively. XRP price experienced a more than 3% drop, resulting in a 6% decrease in the last 24 hours. Other altcoins like Cardano, Polygon (MATIC), and Solana also dropped by approximately 3%, causing the global crypto market to decline by 2.3% to $1.17 trillion in the last 24 hours.

Data shows a major liquidation of long positions worth $150 million on July 24th. Over 50,000 traders were liquidated in the last 24 hours, and the largest single liquidation order in OKX’s BTCUSDT swap was worth $2.57 million. As a result of this selling wave, the crypto market turned “red” today.

The liquidation of long positions coincided with the launch of Worldcoin (WLD) token by ChatGPT founder Sam Altman. Traders turned to WLD trading following the token’s listing on major exchanges (Binance, OKX, Huobi, Bybit, etc.).

Macro factors have become the main cause

Government bond yields worldwide declined as the last week of July began, and the yield on the US 10-year Treasury bond dropped to 3.81% due to concerns about global economic slowdown and possible recession. Traders are also preparing for interest rate decisions from the US Federal Reserve, the European Central Bank, and the Bank of Japan.

CME FedWatch shows a 99.8% probability of a 25 basis point interest rate hike by the FOMC on July 26th, and if this probability materializes, the Fed will raise the interest rate to 5.50%.

The US Dollar Index (DXY) effectively rose to 101.25, causing a correction in Bitcoin and Ethereum prices. Despite this correction, prices quickly recovered, and the BTC price managed to hold above $29,000.