Dogecoin Price Prediction if Bitcoin Crashes to $70k

Dogecoin price hovered at $0.068 on Wednesday after dropping 2.88% during Tuesday’s selloff. The meme coin fell faster than Bitcoin, which lost 2.08% over the same session. That gap offers a guide to how DOGE could trade if Bitcoin slides toward $70,000.

Bitcoin Slides as Hot US Inflation Fuels Crypto Liquidations

US consumer prices rose 0.4% in October from the previous month, exceeding the 0.3% increase economists expected. Core inflation, which strips out food and energy prices, rose 0.3%, compared with a forecast of 0.2%. The reading raised concern that the Federal Reserve could keep interest rates elevated for longer.

Exchanges liquidated about $178 million in leveraged bets on rising crypto prices within an hour of Tuesday’s report. By late Tuesday, crypto futures liquidations reached $716 million over 24 hours, with long positions accounting for most.

Bitcoin price fell below $73,000 that day and traded under $73,500 early Wednesday. Ether traded below $2,050 after losing nearly 4% since the week began, while XRP moved closer to $1.

US spot Bitcoin exchange-traded funds posted $95 million in net outflows Tuesday, marking their fourth straight session of withdrawals. The funds have recorded about $1.6 billion in net withdrawals since the start of November.