Dogecoin falls 9% as crypto markets flash red

The largest “meme coin” in the crypto industry by market capitalization, Dogecoinit fell over 9% overnight.

DOGE is now trading at around $0.088 after the latest decline. Bears also controlled the token last week; in the past seven days, Dogecoin has fallen nearly 16%, according to CoinGeck.

After Ethereum and Bitcoin, DOGE generated the third largest liquidations in the last 24 hours.

Coinglass reports a total of $6.34 million in DOGE liquidations, most of which took place on the crypto exchange Binance. About half of those liquidations ($3.79 million) were liquidated in the last 12 hours.

Liquidations for Dogecoin in the past 12 hours. Source: Coinglass.

Accumulated losses have yet to eat into the hefty gains made in late November, following continued speculation that Elon Musk would incorporate cryptocurrency into Twitter.

In a recent presentation, Twitter’s new CEO shared user metrics for the site as well as several new updates, including encrypted messages and long-form tweets. The last box next to “Payments” is blank, fueling rumors that Musk has big plans to introduce cryptocurrency.

However, there was little indication that he would actually go ahead with such plans.

Beyond Dogecoin: Crypto Markets Flash Red

Although Dogecoin is the biggest loser among the top 10 biggest cryptocurrencies, it is not the only digital asset that lost points.

In the past 24 hours, Bitcoin and Ethereum both lost 1.4% and 2.2%, respectively. The industry’s largest cryptocurrency is now trading at just under $17,000, while Ethereum is trading at $1,246.

Ethereum led liquidations over the same period, posting $12.57 million in excessive leverage positions. Bitcoin traders lost $9.25 million during the last bear impulse.

All eyes are on Tuesday’s hearing with the House Financial Services Committee, during which FTX and Alameda Research’s Sam Bankman-Fried is expected to testify to reveal how his crypto exchange collapsed last month.

“I still don’t have access to most of my information – professional or personal,” he said last week in a conversation with House Speaker Maxine Waters. “So there’s a limit to what I’ll be able to say and I won’t be as helpful as I’d like to be. But as the board still thinks it would be helpful, I’m willing to testify on the 13th.”

The Federal Reserve also meets on Wednesday, and the market expects the central bank to raise interest rates by 50 basis points. The previous rate hike was 75 basis points, suggesting the Fed is on track to slow its attack on inflation given the latest data.

Waiver

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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