Cardano, XRP lead losses among majors as market slide liquidates $300M bullish bets
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BTC fell 2% from the six-figure landmark in the Asian session, leading to a dive across majors.
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That slide led to $300 million in longs, or bets on higher prices, to be liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures.
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BTC’s failure to remain above the $100,000 market is another concerning sign for a continued rally, some say.
Crypto markets started the week in the red as bitcoin (BTC) slumped during the European morning hours after having briefly crossed the $100,000 level.
BTC fell 2% from its six-figure landmark causing a dive across majors. XRP, dogecoin (DOGE) and Solana’s SOL fell as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Cardano’s ADA fared the worst with a 7% drop, which came on the back of the Cardano Foundation’s X account getting temporarily compromised on Sunday.
The market slide led to over $300 million in bullish bets liquidated.
The CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, fell 3.6%. Weakness in majors saw midcaps fall as much as 10%, per Coingecko data.
That slide led to $300 million in longs, or bets on higher prices, to be liquidated, with futures tracking smaller altcoins and meme tokens recording higher losses than BTC or ETH futures in an unusual move, data shows.
(CoinGecko)
Author
CoinDesk Analysis Team
CoinDesk
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