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"Crypto Crash: Bitcoin, Ethereum, XRP, and SOL Plummet Ahead of FOMC Meeting"

Coin WorldMonday, Jan 27, 2025 1:37 am ET

1min read

Cryptocurrency markets experienced a significant downturn on Monday, with Bitcoin and leading altcoins tumbling ahead of the Federal Open Market Committee (FOMC) meeting scheduled for January 29. The global crypto market cap fell by over 3% intraday, reaching $3.47 trillion, while the total market volume witnessed a 21% increase to $106.54 billion.

Bitcoin (BTC) price cracked over 3% in the past 24 hours, trading at $101,239. The coin's 24-hour low and high were $100,721.57 and $105,438.64, respectively. Despite the waning price action, Bitcoin's dominance was up 0.36% intraday. Leading crypto market analyst Ali Martinez maintained a bullish perspective on the asset's future, highlighting a $122,000 price target.

Ethereum (ETH) price pulled back 5% in the past 24 hours, trading at $3,172. The coin's intraday low and high were $3,161.93 and $3,359.31, respectively. Ethereum currently mimics the broader market trend, with nearly $30 million in liquidations recorded today. However, it's noteworthy that weekly net inflows totaled $139,32 million for Ethereum ETFs as of Jan 24.

XRP price also fell by nearly 5% in the past 24 hours, resting at $2.99. The crypto's intraday low and high were $2.95 and $3.14, respectively. Notably, the Ripple-backed asset's fall below $3 sparked severe concerns among investors. Meanwhile, XRP recorded nearly $5 million in liquidations as of Monday.

SOL price chart showcased a 10% drop in value at the time of reporting, reaching $233.18. Solana's 24-hour low and high were $233.23 and $259.63, respectively. The cryptocurrency has followed the broader market trend, recording over $10 million in liquidations.

Simultaneously, DOGE price tanked

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