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Crypto in crisis: Fear and selling pressure are increasing, XRP is once again the biggest loser

Crypto crash: BTC, ETH, ADA, XRP and more are taking a hard hit

The crypto market seems to be getting more and more difficult. News that fallen crypto exchange FTX plans to sell $3.4 billion worth of crypto this year is creating major selling pressure.

Prices are already struggling ahead of tomorrow’s US Consumer Price Index (CPI). The inflation figures could once again cause great volatility on the financial markets. Meanwhile, oil prices continue to rise rapidly.

This could lead to higher inflation figures and thus increase fears of a stricter interest rate policy from the Federal Reserve. Equally worrying, liquidity continues to dry up and trading volumes are at historic lows.

Total cryptocurrency market capitalization fell 0.4% from 24 hours ago to $1.03 trillion. Trading volume increased 81% to $37.9 billion over the same period. Bitcoin’s dominance over altcoins increases to 48.7%. The popular sentiment indicator, the Fear & Greed Index, drops from 40 to 30, a sign that fear is increasing in the market.

Bitcoin price recovers from decline

Bitcoin (BTC) saw a sharp decline yesterday to $25,000 and even to $24,900 on some exchanges. However, the price was able to recover strongly this morning due to a short squeeze.

At the time of writing, BTC price is back at $25,752 on Bybit and €24,020 on Bitvavo. This means that Bitcoin is only down 0.1% today.

The price is now on the verge of a so-called Death Cross because the 50-day moving average (MA) crosses the 200-day MA. That could be one bearish signal, but it is not a very reliable indicator.

Ethereum hits its lowest price in months

Ethereum (ETH) fell below $1,540 yesterday, its lowest price since March 12th. ETH failed to fully recover from the plunge this morning and reclaimed $1,600. ETH price peaked at $1,590 this morning and has fallen to $1,577 at the time of writing. This means Ethereum is down 1.9% today.

Crypto top 10: Cardano is the only one in the green, XRP is falling the most again

At the time of writing, Cardano (ADA) is the only coin turning green in the top 10. ADA initially fell to $0.237, its lowest price in a year. ADA is currently back above $0.246, up 0.2%. Despite this, nearly 96% of ADA holders are now underwater.

Ripple (XRP) is the biggest loser in the top 10 for the second day in a row.

Crypto top 100: RLB biggest loser, KAS biggest climber

Also in the top 100 we have the same coin that is falling the fastest: Rollbit Coin (RLB). RLB price drops by 5% to $0.125.

On the green side, it is also the same price that is rising the fastest: Kaspa (KAS). KAS price rises by 8.1% to $0.042.

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