Sudden $400 Billion Crypto Price Rout Sees Bitcoin Crash Under $60,000 As Ethereum, BNB, Solana, Cardano And XRP Plummet

Sudden $400 Billion Crypto Price Rout Sees Bitcoin Crash Under $60,000 As Ethereum, BNB, Solana, Cardano And XRP Plummet

Bitcoin and cryptocurrency prices have fallen sharply over the last 24 hours, with the bitcoin price crashing under $60,000 per bitcoin.

Other major cryptocurrencies, including ethereum, Binance's BNB, solana, cardano and Ripple's XRP, have also fallen back, all losing between 7% and 10% of their value.

The sudden crypto price crash has wiped around $400 billion from the combined crypto market, which last week touched a record high of around $3 trillion.

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"Cryptocurrencies have experienced a sell-off, taking major cryptos below recent short-term support lines," Alex Kuptsikevch, senior financial analyst at FxPro, said in emailed comments.

"A stronger dollar against major currencies and a desire to lock in profits triggered a strong but relatively even sell-off overnight. The cryptocurrency market capitalisation collapsed 7.5% over the past 24 hours to $2.66 trillion, breaking a long consolidation."

"The cryptocurrency fear and greed index has so far failed to react to yesterday’s spill in the sector, ending up at 71, still in greed territory, which bears little resemblance to the sentiment in the markets as of this morning," added Kuptsikevch.

"Bitcoin lost 7.8% to $60.7K and is 11% below levels a week ago. Bitcoin has rolled back to the previous local support line, and one should watch the price closely to see if we see a break or a short-term shakeout. The $57.50-60K area focuses on the 50-day moving average and the 61.8% retracement level from the rise since late September. If Bitcoin does not get solid buying support in this area, it could open the road down to $52K."

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