Altcoins
Bitcoin Falls to Lows of $64,000; Shiba Inu, Dogecoin, Cardano, Solana Lead Leaks in Altcoins ⋆ ZyCrypto
It’s been a bumpy time of volatility for cryptocurrencies. DOGE, SHIB, ADA, SOL and other alternative cryptocurrencies posted losses on Tuesday amid continued profit-taking and another day of net outflows from US Bitcoin spot exchange-traded funds (ETFs), adding to bearish sentiment.
Market leader Bitcoin (BTC) hit new one-month lows at $64,000, leading to the settlement of over $390 million in bullish bets.
Bitcoin returns to $64,000 while almost $400 million in Long Get Rekt
Bitcoin’s price fell to as low as $64,548, leaving the alpha cryptocurrency down more than 2.6% from the previous seven days. As Bitcoin plummeted, investors saw nearly half a million positions in various assets rekt. Of the $455.60 million in liquidations, the majority – more than $393.93 million – were long positions, second to data from the CoinGlass monitoring resource.
At the time of writing, Bitcoin was trading around $65,444.53. BTC fell below the $65,000 level last week for the first time in a month, as net outflows from spot ETFs topped $500 million and the Federal Reserve hinted at just one interest rate cut in 2024 According to Farside data, spot ETFs have seen outflows on five of the last six trading days.
According to CoinGlass, approximately 172,879 traders were liquidated over the past day. Platform metrics reveal that the largest liquidation order occurred on Binance, a $6.44 million long bet on Ethereum.
Altcoins suffer huge losses
Ether, the industry’s second-largest cryptocurrency by market capitalization, fell 2%.
Dogecoin has fallen 9.4% in the past 24 hours, from around $0.1345 to $0.1176, causing major cryptocurrency losses. The industry’s largest meme coin by market capitalization now changes hands at $0.1221. Other meme coins, such as Shiba Inu (SHIB), also fell 10.1%, Dogwifhat (WIF) fell 12%, and Floki (FLOKI) fell 9%.
Solana (SOL) was also severely damaged in the last day among the top ten largest cryptocurrencies by market capitalization. The SOL fell 5.3% in the last 24 hours. The token has seen losses of 10.5% over the past week. Cardano’s ADA lost as much as 7.2%, while the Ripple-backed XRP token outperformed with losses of just 0.2%.
Toncoin (TON), the token of The Open Network, fell by 6.5%. With a market capitalization of $17.6 billion, TON is now the ninth most valuable cryptocurrency in the world.