CoinDesk Analysis Team
CoinDesk
-
BTC fell 2% from the six-figure landmark in the Asian session, leading to a dive across majors.
-
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.
-
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)
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
BNB Price Forecast: Poised for a decline on negative Funding Rate
BNB price hovers around $696.40 on Thursday after declining 4.58% in the previous two days. BNB’s momentum indicators hint for a further decline as its Relative Strength Index and Moving Average Convergence Divergence show bearish signals.
Ripple's XRP eyes recovery following executives' dinner with Donald Trump
Ripple's XRP is up 2% on Wednesday following positive sentiments surrounding its CEO Brad Garlinghouse's recent dinner with incoming US President Donald Trump. If the recent recovery sentiment prevails, XRP could stage a breakout above the upper boundary line of a bullish pennant pattern.
Has Bitcoin topped for the cycle? Here's what key metrics suggest
Bitcoin experienced a 2% decline on Wednesday as the cryptocurrency market grapples with recent losses. On-chain data has indicated a shift in the accumulation of the leading cryptocurrency, suggesting that holders are increasingly selling their assets.
Ethereum Price Forecast: ETH could decline to $3,110 despite increased accumulation from whales
Ethereum briefly declined below the $3,300 key level, recording a 4% loss on Wednesday as short-term holders led the selling pressure. If the buy-side pressure of large whales fails to outweigh the bears, the top altcoin could decline to $3,110.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.