XRP, DOGE, and 22 Altcoins See Sharp Decline: Millions Lost in Market Wipeout

The Cryptocurrency Market Experiences Turmoil

Over the past week, the cryptocurrency market faced significant challenges, marked by substantial losses for major coins such as XRP and DOGE. While Bitcoin (BTC) exhibited temporary stabilization over the weekend, the overall market sentiment remains bearish.

Bitcoin Fluctuates at $62,000

Bitcoin, which began the week at $66,000, encountered a sharp decline, falling to $63,000 by Monday. Geopolitical tensions in the Middle East exacerbated the downward trend, pushing BTC below $60,000 on several occasions between Wednesday and Thursday. However, the value recovered slightly, ending the week at approximately $62,000.

XRP and DOGE Suffer Major Losses

XRP was severely impacted by the news that the U.S. SEC would appeal a 2023 court decision regarding its secondary market sales. Within 24 hours, XRP plummeted by 15%, dropping from $0.60 to $0.51. While it recovered slightly to $0.53 by the weekend, it remained down double digits on the weekly chart.

Dogecoin (DOGE) also faced substantial losses, falling 13.7% during the week. Other altcoins, including Cardano (ADA), Shiba Inu (SHIB), Polkadot (DOT), and Near Protocol (NEAR), experienced similar declines, with drops ranging from 11% to 12%.

Market Value Loss and Liquidations

The total market capitalization of cryptocurrencies declined by $150 billion last week, though some losses were recovered over the weekend. The market cap now stands at $2.25 trillion. Data from Coinglass indicates that over $59.85 million worth of positions were liquidated in the past 24 hours alone, highlighting the ongoing volatility and uncertainty affecting traders.

Geopolitical Impact

The significant drops in XRP, DOGE, and other altcoins have been attributed to escalating tensions in the Middle East, which have created broader concerns across global financial markets. Cryptocurrencies, being sensitive to macroeconomic and geopolitical events, have once again demonstrated their vulnerability during times of uncertainty.

As the geopolitical landscape continues to evolve, investors will be closely monitoring its potential impact on the volatile cryptocurrency market.