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Shiba Inu, Solana, Ether Prices Getting Crushed Amid Market Sell-Off

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Fri, 12/17/2021 - 16:18
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Alex Dovbnya
Crypto prices dropped sharply on Friday, with some of the top altcoins losing more than 8%
Shiba Inu, Solana, Ether Prices Getting Crushed Amid Market Sell-Off
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Cryptocurrency prices remain in a declining trend, with some of the major altcoins recording significant losses over the past 24 hours.

Shiba Inu, Ethereum, Dogecoin and Solana are all down roughly 8%, becoming the top laggards of the day.

Bitcoin, the top crypto, also shed 5%. It is now 33.50% away from its previous all-time high, but it is still up 62.95% on a year-to-date basis.

The crypto king keeps trading in tandem with the U.S. stock market, which is under some pressure during the last trading day of the week. The tech-focused Nasdaq is trading 1.84% lower. The S&P 500 and the Dow are down 1.46% and 1.71%, respectively, at press time.

Bitcoin is currently trading at its lowest level since Dec. 4, the day the flagship cryptocurrency collapsed over 17% within 24 hours and reached a local bottom of $42,000.

BTC
Image by tradingview.com

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After several failed attempts to reclaim the $50,000 level, Bitcoin now looks increasingly vulnerable, and bears have seized the opportunity to push prices significantly lower ahead of the weekend. On Wednesday, Bitcoin spiked above $49,000 after the Federal Reserve announced that it had decided not to raise interest rates for now. The recovery, however, was merely a flash in the pan.

Almost the entire CoinMarketCap 100 is in the red, with only two exceptions. The yearn.finance (YFI) token is up 34.11% after the team behind the decentralized finance protocol announced that it would be buying back the cryptocurrency. Waves (WAVES) is also up 6%, bucking the overall bearish trend on the market.

Roughly $278 million worth of cryptocurrencies have been liquidated over the past day, according to Coinglass data.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.