The crypto market is broadly trading in red on Wednesday, with $1.7 billion in liquidations reported over the past 24 hours, according to CoinGlass. Long traders have borne the majority of the losses, accounting for $1.3 billion of the liquidations.
Bitcoin fell below $100,000 for the first time in more than four months, reflecting the recent reversal seen in high-flying tech stocks this week. Similarly, Shiba Inu has declined, reaching a low of $0.00000837 on Tuesday—levels not seen since January this year. This marks a three-day slide from its November 2 high of $0.00001074.
The turning point for the market came in October when a massive wave of liquidations wiped out billions in bullish positions. Since then, traders have largely remained on the sidelines. Crypto prices have stagnated, with October’s historically strong seasonality failing to materialize this year.
Among the more recent catalysts for the selling pressure was the Federal Reserve’s surprising hawkish stance last week. Chair Jerome Powell and other officials cooled expectations of an interest rate cut in December, contributing to the market downturn.
### Shiba Inu Team Reacts to Market Sell-Off
At press time, Shiba Inu was down 2.68% in the last 24 hours, trading at $0.00000889. Amid the broader crypto market decline, the token’s price effectively lost an extra zero on its price tag.
In a new tweet, Shiba Inu team member Lucie commented on the market drop, which has resulted in $1.7 billion in liquidations within 24 hours. “No one predicted this outcome. I’m proud of those who stayed strong and kept pushing forward,” she said.
Lucie emphasized the importance of maintaining a positive mindset during these turbulent times: “Thank you for showing the ones who weren’t as mentally prepared that even in this kind of bloodshed, a positive mindset is the only way to move.”
### Looking Ahead: Is Another Crypto Winter Coming?
The recent market decline has sparked fears of a potential crypto winter—a prolonged bear market in cryptocurrencies. While it is still too early to confirm this scenario, current trends are shaping up to be net negative, indicating a possible pause in the momentum that the crypto sector had built up.
Investors and traders will be watching closely to see how the market evolves in the coming weeks amidst ongoing economic and regulatory developments.
https://bitcoinethereumnews.com/crypto/shiba-inu-team-breaks-silence-on-crypto-crash-outcome-no-one-predicted/
