Crypto Recap Dec 20: Bitcoin, Meme Coins & XRP

Crypto Recap Dec 20: A Red Day For Top Currencies

Crypto Recap Dec 20: Price Dump for BTC, Meme Coins, More

December 20 has been a bad day for crypto enthusiasts, who were not ready for the price decline that surfaced. With BTC, meme coins and more losing their hard-earned values, traders have had a highly disheartening day just before Christmas. Read on to know the details.

Bitcoin loses $13,000 in 3 days

As the business week started, BTC soared to an ATH of $108,000. Market capitalization also crossed the $2T mark, a huge milestone achieved.

However, it was a short-lived win. The following days were a blow as BTC declined to $101,000 on 18th, and under $93,000 in the last few hours. It has been an almost 14% decline in just 3 days.

The US Federal Reserve announcement of its latest rate cut is considered the main factor. While the benchmark was reduced by 0.25%, chairman Jerome Powell has hinted on pausing the policy next year to handle chances of rising inflation. The Central Bank will not be able to buy BTC, he said.

If the BTC price is able to bounce back, it will be interesting to see history repeating itself.

A Decline for the Top Meme Coins

Meme coins have been worse affected than BTC. Market capitalization went 20% down in a day, it is now below $100B. Leading assets like DOGE, SHIB, PEPE, BONK as well as WIF have all positioned in the red today. One of the very few exceptions is worth mentioning, which is none other than the ZEREBRO.

What’s The Status of XRP?

Being no different, Ripple’s native token is also in red today, Dec.20. It is trading at $2, its worst mark in the past ten days.

However, some say XRP will see good days after several events take place. These include Trump’s inauguration, Gensler’s departure from SEC, altseason start, launch of XRP ETF, Ripple vs SEC case resolution, Ripple stablecoin introduction, and a partnership between Ripple and a huge banking institution.