Dogecoin Takes Hit Amid Crypto Crash: $29 Million DOGE Vanish

Crypto Market Experiences Sell-Off: Dogecoin Takes a Hit

The cryptocurrency market has witnessed a significant sell-off, with Bitcoin and other major cryptocurrencies experiencing losses. Among the hardest hit was Dogecoin (DOGE), which saw substantial liquidations totaling $29 million, as per CoinGlass data.

Macroeconomic Concerns and Profit-Taking

The market pullback comes amid concerns over macroeconomic conditions and profit-taking by traders. The Federal Reserve's cautious outlook for interest rate cuts has weighed on speculative investments, contributing to the bearish sentiment.

Bitcoin and Dogecoin's Decline

Bitcoin briefly dipped below $98,698 on Thursday, while most altcoins, including Dogecoin, faced similar declines. Currently, Dogecoin's price has dropped by 6.05% in the past 24 hours, hovering around $0.365 after reaching lows of $0.34.

Liquidation Details

According to CoinGlass, $24.59 million worth of bullish bets on DOGE were liquidated in the last 24 hours, while shorts accounted for $5.93 million in liquidations.

Market Sell-Off Triggered by Fed's Signal

The crypto market sell-off was fueled by the Federal Reserve's indication of fewer interest rate cuts. Lower rates typically stimulate demand for riskier assets, including cryptocurrencies.

Fed's Rate Cut and Outlook

The Federal Reserve cut its key interest rate by 0.25%, aligning with market expectations. However, the central bank warned against further cuts in the near future. Fed Chair Jerome Powell emphasized the need for progress on inflation before considering additional easing of monetary policy.

Liquidation Volume

The market decline resulted in liquidations amounting to $787 million, with bullish bets accounting for $661 million and shorts for $125 million.