Crypto Market Crash: Bitcoin (BTC) Drops Below $100,000, Ethereum (ETH) Plummets to $3,300

The crypto market had a massive crash, with Bitcoin (BTC) dropping below $100,000 even after several attempts to keep the price above $103,000 in the past few days.

After several failed attempts to keep the price above $103,000 in recent days, Bitcoin (BTC) dropped below $100,000 during the massive crypto market crash. Ethereum (ETH) also fell to a support level of $3,300 after a 7.2% price crash in the past 24 hours.

According to CoinMarketCap, Bitcoin’s dominance rose to 57.4%, while the Fear and Greed Index dropped to 62. BTC’s rising dominance suggests that the digital asset space did not experience an altcoin season as the total market capitalization of the industry dropped to $3.35 trillion.

The Fed's Announcement and Market Impact

Nasdaq fell 3.56%, S&P 500 dropped 2.95%, and BTC fell 6.13%, according to Singapore-based digital asset firm QCP Capital, following the hawkish FOMC announcement by the United States Fed, which triggered a sharp selloff across all risk assets. The Fed now anticipates two rate cuts in 2025, down from the market consensus of three, due to persistent inflation.

While the Fed's announcement played a role, QCP Capital also attributes the rapid price decline to "overly bullish positioning" in the market. The crash could be a corrective phase for the crypto market, presenting buying opportunities.

Altcoins Crashing

CoinMarketCap data shows that over the past 24 hours, Solana (SOL) dropped a significant 6.64%, losing the $200 price level; Dogecoin crashed 11.80%, trading at $0.3196; Cardano (ADA) slipped 8.36%, priced at $0.8982; Avalanche (AVAX) plummeted 8.18% to $39.24; and Shiba Inu (SHIB) dropped 9.25% to $0.00002201.

Other leading altcoins with substantial valuations also fell, with Uniswap (UNI) dropping 11.05% to $12.94; Near Protocol (NEAR) crashing 9.28% to $5.25, Ethereum Classic (ETC) plunging 8.18% to $26.99; and Filecoin (FIL) nosediving 8.15% to 5.17.

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