$342 Million Crypto Bloodbath as Bitcoin and XRP Longs Smashed: Main Crypto News This Morning

On Oct. 29, a pause by the Federal Reserve triggered $342 million in crypto losses for long positions in bitcoin (BTC) and XRP. A long position is a bet that an asset’s price will rise. The cryptocurrency HYPE rose 9% on backing from Druckenmiller, countering the drop. Druckenmiller’s support was the stated reason for HYPE’s gain, while BTC and XRP were the assets named in the combined $342 million overall decline.