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The crypto market takes the second hit in a row: Bitcoin, XRP and Shiba Inu fall

Crypto Market Continues to Decline: BTC, XRP, DOGE, and More Take Big Hits

The crypto market is down for the second day in a row. Today, however, the two largest coins in the market are also taking a big hit. Finally we are seeing some return in volatility but not in the desired direction.

We warned yesterday that some volatility could follow the release of the FOMC Minutes, minutes of the US Federal Reserve’s last interest rate meeting.

The Federal Reserve is warning of more inflation and another rate hike, although the market had already expected a pause. As a result, we see many financial markets turning negative and crypto not staying untouched. It has done quite a bit in itself long press; Up to $140 million in long positions were liquidated.

The total cryptocurrency market cap is down 1.7% to $1.14 trillion. Trading volume increased 11.3% to $35.7 billion. Bitcoin dominance is 49%. The Fear & Greed Index is 50, i.e. neutral.

Bitcoin plunges to lowest price since June

Bitcoin (BTC) has held up relatively better than most other cryptos, but did not look very stable yesterday, briefly dipping below $29,000. However, last night bitcoin price started falling sharply, reaching as low as $28,350 last night, its lowest price in more than eight weeks.

At the time of writing, Bitcoin is tentatively recovering to $28,565 on Bybit and $26,260 on Bitvavo. Bitcoin is therefore down 2.1% today.

According to several analysts, if Bitcoin fails to recover quickly, the price is likely to test the support in the $28,000 area. However, should Bitcoin fall below this, a significant decline could follow.

Ethereum price plunges to a crucial level

Ethereum (ETH) fell faster yesterday, but slightly less than Bitcoin today. Despite this, Ethereum fell as low as $1,778 last night and is currently trading at $1,800. It looks like the $1,800 level has turned back from support to resistance. ETH is down 1.4% today.

Dogecoin is the hardest faller of the red crypto top 10

The rest of the top 10 are also turning red, although most prices are falling less quickly than yesterday. Solana (SOL) quickly rebounded from the plunge and is therefore down just 0.9% at a price of $23.2. The same can be said for Polkadot (DOT), which rallied back to $4.75 and is down 0.9%. Cardano (ADA) also did much the same and is down 1% today at $0.276.

However, Binance coin (BNB) failed to recover, falling 1.4% to $231.3. Ripple (XRP) is already down 1.8%, falling to 0.588. Tron (TRX) is also down 1.8% of its value to settle around $0.0746. However, Dogecoin (DOGE) is having a little tougher time, falling 3.9% today to $0.0677.

Shiba Inu hardest descent in crypto top 100

The top 100 will also turn red, with Rocket Pool (RPL) being the only green exception. Litecoin (LTC) and Pepe (PEPE) are down almost 5% today. Rollbit Coin (RLB), EOS (EOS), Sui (SUI) and Arbitrum (ARB) and Maker (MKR) are already down almost 6%.

Uniswap (UNI) is down almost 7%. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are both down more than 7% today. Flex Coin (FLEX) even falls 7.5%.

However, today’s biggest loser is Shiba Inu (SHIB), and that’s somewhat unexpected. Shiba Inu launched its ‘Shibarium’ network yesterday and this is expected to see a surge. However, the start was associated with major problems. SHIB price therefore decreases by 7.6% to $0.00000918.

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