The cryptocurrency market is under pressure amid speculation and leveling of major digital assets. Recently, high levels of liquidations have affected both Bitcoin and certain altcoins.
Bitcoin Faces Selling Pressure
Bitcoin's price momentum slowed in the last 24 hours after Federal Reserve Chair Jerome Powell indicated lower chances of a rate cut in December. This statement, coupled with the ongoing correction in the gold market, significantly reduced short-term confidence in Bitcoin and the broader altcoin market. On-chain data indicates that whale investors have accelerated profit-taking activities, as evidenced by significant cash outflows from US Bitcoin ETFs. A group of whales, including the Bhutan government, moved large amounts of Bitcoin to exchanges, increasing the potential for further sell-offs.
Altcoins Cardano and Ripple Gain
Despite the overall market difficulties, some large-cap altcoins such as Cardano (ADA) and Ripple's XRP have shown impressive gains. XRP surged over 22% in the past 24 hours, reaching over 90 cents, potentially linked to the possible ouster of SEC Chair Gary Gensler. Meanwhile, Cardano (ADA) rallied over 20% to a weekly peak around 66 cents. The Cardano network is considered a potential foundation for a new federal blockchain voting system.
OKX Lists Meme Coin Moo Deng
Earlier today, OKX, a leading cryptocurrency exchange, announced the listing of the meme coin Moo Deng (MOODENG) on its spot trading market. Following this announcement, the Moo Deng coin surged over 48% to trade at about 66 cents during mid-day trading in New York.
The cryptocurrency market continues to be volatile, subject to significant price fluctuations and speculation. Altcoins lead the way with strong performance amid the broader market correction.
