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Why Is Crypto Down Today? Bitcoin, Ethereum, Dogecoin and XRP Are Crashing
- The cryptocurrency market experienced a significant sell-off today, with Bitcoin (BTC) dropping notably below $94,000.
- The Federal Reserve's monetary policy announcement last week caused Bitcoin to fall below $100,000.
- Market participants witnessed a sharp decline in major altcoins, triggering substantial liquidations and affecting the total market capitalization.
- From a technical analysis perspective, Bitcoin's long-term outlook remains relatively stable as it retests local support just below $93,500.
- Ethereum, XRP, and Dogecoin have also experienced significant losses, dropping nearly 16%, 8%, and 21% respectively during the past week.
- Global liquidity conditions are tightening, with central banks reducing their balance sheets and rising bond market volatility making conditions unfavorable for risk assets.
- Despite the market downturn, there hasn't been a significant surge in leveraged position liquidations over the past 24 hours.
- Even though the market is down, experts from VanEck predict the BTC price at $180,000 next year.
- Analysts project ETH could reach between $4,000 and $6,500 by the end of 2024, and even $32,000 by 2030.
- XRP has been maintaining local support at $2.20 since mid-November and could soar to almost $1,000 next year.
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