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The crypto market witnessed a massive selloff in Asia hours, with the global crypto market cap tumbling 5% to $1.57 trillion. Bitcoin price tumbled 7%, while top altcoins such as Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA) DOGE, and SHIB recorded major selling within a few minutes. The Crypto Fear &amp; Greed Index slips to 80 from 82 (extreme greed).
<h2 id="why-crypto-market-falling-suddenly">Why Crypto Market Falling Suddenly?</h2>
The crypto market correction was expected by traders as the market continued to rally. Popular Bitcoin analyst Willy Woo said BTC price doubled in just 2 months with no pullbacks, a correction is not that surprising. Corrections and pullbacks are crucial for confirming further rallies, especially during ‘extreme greed’ and major macro events.
<a href="https://coingape.com/bitcoin-btc-cme-gap-at-39700-is-it-good-or-bad-news-for-investors/" target="_blank" rel="noopener noreferrer nofollow">CoinGape warned</a> first about a potential correction looming this week. BTC price is expected to fall more as the Bitcoin CME Gap at $39.7K needs to be filled before a potential rally. Nearly 5% and 8% in open interest (OI) are liquidated on CME and Binance, respectively.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GAtCi-8a0AAn68q?format=jpg&amp;name=large" alt="CME Bitcoin Gap" width="779" height="579">
Moreover, CoinGlass data shows massive liquidation of over $400 million today, December 12. The market saw $354 longs liquidated in just an hour. More than 119K&nbsp;traders were liquidated in the last 24 hours, with the largest single liquidation order on&nbsp;OKX’s BTC-USDT-SWAP worth $8.23 million. As a result of closing positions and selloff, the crypto market is in ‘red’ today.
The CME and PPI inflation data release, as well as the <a href="https://coingape.com/glossary/federal-reserve-system/" target="_blank" rel="noopener noreferrer nofollow">U.S. Federal Reserve</a> announcing year-end interest rate decision this week further prompted investors to liquidate their holdings.
Also Read: <a href="https://coingape.com/300-million-liquidated-as-bitcoin-btc-and-altcoins-enter-sharp-correction-whats-next/" target="_blank" rel="noopener noreferrer nofollow">$300 Million Liquidated As Bitcoin (BTC) and Altcoins Enter Sharp Correction, What’s Next?</a>
<h2 id="bitcoin-and-ethereum-prices-to-fall-more">Bitcoin and Ethereum Prices To Fall More</h2>
Bitcoin and Ethereum prices are about to witness further pullbacks in the US hour, with traders and whales considering another entry near support levels.
Popular crypto analyst Credible Crypto said, “We failed to breach 40k as expected.” He predicts that a complete reset on OI has left bullish market structure intact and set up for a rally past $50,000. He believes BTC price can hit $60k in the next weeks. Meanwhile, he still target ETH price to hit $3500.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GBCsySCXcAAVNV4?format=jpg&amp;name=4096x4096" alt="Image" width="780" height="464">
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> currently trading at $42,160, paring earlier gains in the last few hours. The 24-hour low and high are $40,521 and $44,034, respectively.
<a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> trades at $2243, down 5% in the last 24 hours. The 24-hour low and high are $2,171 and $2,376, respectively.
Also Read: <a href="https://coingape.com/bitcoin-btc-past-performance-is-no-guarantee-of-future-results-vaneck/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC) “Past Performance is no Guarantee of Future Results” – VanEck</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/crypto-market-selloff-heres-why-btc-eth-xrp-prices-fell-sharply-today/">Crypto Market Selloff: Here’s Why BTC, ETH, XRP Prices Fell Sharply Today</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Crypto Market Selloff: Here’s Why BTC, ETH, XRP Prices Fell Sharply Today

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