Crypto Market Crash: Why Bitcoin, Ethereum, XRP, And Dogecoin Price Are Dropping

A crypto market crash has occurred, with Bitcoin, Ethereum, XRP, and the Dogecoin price witnessing significant declines. This price decline came following the Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee.

Crypto Market Crash: Why BTC, ETH, XRP, And DOGE Are Dropping Today

CoinMarketCap data shows that Bitcoin, Ethereum, XRP, and Dogecoin have suffered significant price declines following a crypto market crash. This occurred following Jerome Powell’s testimony before the Senate Banking Committee, which was bearish for risk assets.

Powell said there is no need to hurry to adjust the current economic policy. He further remarked that they want to make more progress on inflation before pivoting.

These statements from the Fed Chair again highlighted the hawkish stance that the US Central Bank is currently adopting in terms of its monetary policy. This is bearish for risk assets like Bitcoin, Ethereum, XRP, and Dogecoin since the Fed is unlikely to cut interest rates anytime soon.

It is worth mentioning that Powell had made some positive remarks for the market, including affirming the Central Bank’s commitment to end debanking. He also revealed that they don’t plan on making a Central Bank Digital Currency (CBDC).

However, these remarks weren’t enough to stop the crypto market crash, as Powell’s hawkish speech quickly sparked a wave of sell-offs. The Bitcoin price could quickly dropped below the $97,000 support level and is at risk of falling below $95,000 at the time of writing.

Coinglass data shows that over $200 million has been liquidated from the crypto market in the last 24 hours, with long positions taking the most hit.

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