Bitcoin and Ethereum Lead Losses as Crypto Market Drops 3.5% in 24 Hours






Crypto News

  • The cryptocurrency market experienced a notable dip over the last 24 hours, shedding 3.5% of its value.
  • According to CoinGecko, the total market capitalization has declined to $2.68 trillion, a drop from the week’s peak of $2.78 trillion.
  • Coinglass data reveals that over 100,000 traders were impacted by this downturn.

Latest insights on the cryptocurrency market’s recent downturn and its implications for investors.

Significant Losses Across Major Cryptocurrencies

In the past day, the cryptocurrency market has seen substantial losses. Key players like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) have recorded daily declines of 2.6%, 3.4%, 2.1%, and 5.4%, respectively. These losses have led to a collective devaluation of the market, erasing billions of dollars of investor capital.

Futures and Long Positions Severely Affected

The extensive downturn resulted in the liquidation of positions worth $409.6 million within a single day, adversely affecting 147,148 investors. Notably, the largest liquidated position was an ETH-USD-SWAP on OKX valued at $5.2 million. Binance accounted for the highest liquidation value at $177 million, followed by OKX with $137 million and Huobi with $34 million.

Altcoins Exhibit Weakness

While major cryptocurrencies showed notable vulnerabilities, altcoins with lower market caps were disproportionately affected. The liquidated positions included $69.9 million in Bitcoin, $58.9 million in Ethereum, and $21.24 million in Solana, exemplifying the massive sell-offs across various blockchain projects.

Conclusion

In summary, the recent downturn in the cryptocurrency market highlights the inherent volatility and risks associated with digital assets. Traders and investors must remain vigilant and adopt robust risk management strategies to navigate through such tumultuous times. As always, staying informed and employing disciplined trading approaches is crucial for mitigating potential losses and capitalizing on future opportunities.


Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Ethereum: An Unstoppable Force Revolutionizing Traditional Finance, Says Bitwise

Today's discussion pivots to Ethereum...

ENA Token Plummets Amid Massive Sell-Off by Largest Staker, Faces $13 Million Loss

ENA, the native token of Ethena, has been...

Leveraged Funds Fuel Bitcoin Futures Basis Trade as Institutional Interest Grows

The recent surge in Bitcoin futures short...

Solana (SOL) Moves towards Potential 200-Day EMA Breakout Amidst Market Consolidation

Solana (SOL) is currently in a consolidation...

Dogecoin and Shiba Inu Lead Resilient Memecoin Market, Says Mike Novogratz

Memecoins like Dogecoin, Shiba Inu, and PEPE...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

FLOKI Price Analysis: Potential Further Decline as Key Support Levels Breached

FLOKI has recently dipped below a crucial...

XRP Price Analysis: Temporary Recovery Amid Volatile Market Conditions

XRP has recently made a notable recovery...

XRP Price Analysis: Key Levels Suggest Potential Reversal Amid Market Decline

XRP's price performance continues to fall short...
Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
spot_imgspot_imgspot_imgspot_img

Ethereum: An Unstoppable Force Revolutionizing Traditional Finance, Says Bitwise

Today's discussion pivots to Ethereum (ETH) and its transformative impact on the traditional financial system. Ethereum's potential...

ENA Token Plummets Amid Massive Sell-Off by Largest Staker, Faces $13 Million Loss

ENA, the native token of Ethena, has been under significant pressure from sellers in recent weeks, hitting its lowest level since May 20th. ...

Leveraged Funds Fuel Bitcoin Futures Basis Trade as Institutional Interest Grows

The recent surge in Bitcoin futures short positions among leveraged funds has piqued the interest of analysts. However, this may not...