Crypto Market Plunges: $2.2B Wiped Out, XRP and DOGE Crash
1min read The crypto market has witnessed a significant downturn, with XRP and other altcoins experiencing substantial losses. In the past 24 hours, over $2.2 billion has been wiped out from the market, with XRP and Dogecoin plunging by more than 25%. This decline has reversed all the gains made since December, bringing prices back to pre-U.S. election levels from early November.
Major tokens, including Ethereum (ETH) and BNB, have also recorded double-digit losses. Apart from stablecoins, not a single top 100 cryptocurrency is in the green. The overall market capitalization fell by 12%, the worst fall in over a year, while the broad-based CoinDesk 20 (CD20) lost 10%. Bitcoin (BTC) dropped by 6%.
Futures markets reflected these losses, with traders of ether (ETH)-tracked products losing over $600 million in the past 24 hours. XRP and DOGE bets lost a cumulative $150 million, altcoin-tracked products lost $138 million, and ether-tracked futures lost $84 million. Total liquidations crossed $2.2 billion, the highest this year and among the biggest such levels in the past year. The largest single liquidation order happened on Binance, a tether-margined ETH trade valued at $25 million.
Pro-XRP lawyer John Deaton has warned that the fight against crypto is far from over. He highlighted several ongoing legal battles, including the case against Roman Storm, the developer of Tornado Cash, and two developers of the Samourai Wallet. These cases involve Section 1960 of the U.S. Code, which deals with unlicensed money transmitting businesses. The crypto community had long believed that developers who don’t directly control users’ funds were not considered money transmitters, but the Department of Justice (DOJ) disagrees. Deaton urges the community to stay alert and raise awareness of these significant cases.
