‘Market Is Not Quite Ready’—Bitcoin Billionaire Issues A Serious Crypto Warning As The Price Of Ethereum, BNB, Solana, Cardano, XRP And Luna Suddenly Crash

$100 Billion Crypto Crash Sends The Price Of Bitcoin, Ethereum, XRP, Luna, Solana, Cardano And Avalanche Into Free Fall

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Bitcoin, ethereum and other major cryptocurrencies have suddenly crashed, wiping around $100 billion from the combined crypto market in mere minutes.

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The bitcoin price is down around 5% over the last 24 hours, with the ethereum price seeing a similar decline. Ethereum rivals solana, cardano, and avalanche are all down around 3% while Ripple’s XRP XRP and Terra’s luna are leading the major crypto market lower.

The sudden sell-off comes amid a technology company-led stock market sell-off in the aftermath of the Federal Reserve’s hawkish 50-basis point interest rate hike.

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MORE FROM FORBESHuge 2022 Ethereum Price Prediction Comes With A Serious BNB, Solana, Cardano, Avalanche And Polkadot WarningBy Billy Bambrough

A huge crypto price sell-off has wiped around $100 billion worth of value from the market as the … [+] price of bitcoin, ethereum, XRP, solana, cardano, luna and avalanche suddenly tank.

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“Bitcoin’s struggle is by no means in isolation–the S&P 500 [has fallen] to a new record low for the year,” Sam Kopelman, the U.K. manager for bitcoin and crypto exchange Luno, said in emailed comment, warning bitcoin could “slip back into the previously found $36,000-$37,000 support range.”

However, Kopelman and others in the crypto industry remain upbeat about bitcoin but less positive about other major coins such as ethereum, XRP, solana, cardano, luna and avalanche.

“Overall, 2022 has generally seen crypto market participants climbing down the risk ladder, selling their smaller coins for blue-chip coins like bitcoin,” said Kopelman.

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MORE FROM FORBES’World’s Dominant’ Coin-Legendary Bitcoin ‘Whale’ Reveals His Surprise Top Three Crypto Picks As Price Volatility Hits Ethereum And OthersBy Billy Bambrough

The bitcoin price has suddenly dropped under its recent $38,000 per bitcoin support level.

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The market has had a delayed response to the Federal Reserve’s biggest rate hike since 2000, first spiking on the news and leading market watchers to believe the potentially “bearish event” to have been “priced in.”

“The market clearly priced in this bearish event during the weeks leading up to the FOMC meeting, where we saw significant sell pressure,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, said in emailed comments following the Fed’s decision.

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