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Bitcoin’s weekend slide triggers $500M liquidations, XRP and DOGE lead the plunge

by admin November 25, 2024
November 25, 2024
Bitcoin’s weekend slide triggers $500M liquidations, XRP and DOGE lead the plunge

Bitcoin (BTC) experienced a sharp price decline, falling from last week’s high of $98,500 to a low of $95,500 during late US trading hours on Sunday.

The 3.5% drop marked a technical pullback driven by profit-taking as the token approached the significant $100,000 milestone.

While the market quickly stabilised during Asian trading hours on Monday, the broader cryptocurrency sector felt the ripple effects of Bitcoin’s retreat.

The overall crypto market capitalisation fell by 2.4%, with major tokens, including XRP, Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB), dropping between 2% and 5% before partially recovering.

The broad-based CoinDesk 20 Index (CD20), tracking top cryptocurrencies, declined by 1.48% over 24 hours.

Volatility in the cryptocurrency market triggered significant losses in futures markets, with over $500 million liquidated across bullish and bearish bets, according to data from Coinglass.

Notably, long positions, accounting for $366 million, were disproportionately affected as traders locked in profits or exited the market amid uncertainty.

Short positions saw liquidations totalling $127 million.

Small altcoins and mid-cap tokens bore the brunt of the liquidations, accounting for over $100 million in losses—a trend that indicates increasing risk-taking behaviour among traders.

This shift underscores the heightened speculative activity in the market, particularly outside of Bitcoin and Ethereum.

Profit-taking halts Bitcoin’s rally near $100,000

Bitcoin’s price movement over the weekend highlights the challenges it faces in maintaining upward momentum as it approaches key psychological levels.

The $100,000 mark remains a significant milestone that could invite further institutional and retail interest.

Analysts attribute the pullback to routine profit-taking rather than a fundamental shift in market dynamics, emphasising that Bitcoin remains the leader in driving crypto market trends.

The token’s recent rally has been largely attributed to increased institutional interest, driven by the proliferation of exchange-traded funds (ETFs) linked to Bitcoin. As these ETFs gain traction, they are expected to continue bolstering demand for the cryptocurrency.

Altcoins follow Bitcoin’s lead

XRP and Dogecoin led the losses among major tokens, each falling more than 5%. Ethereum, Solana, Cardano, and Binance Coin also experienced declines but managed to recover some of their losses during early Monday trading.

The uneven performance of altcoins reflects the broader market’s dependency on Bitcoin’s price trajectory.

Despite the weekend’s volatility, traders remain optimistic about the medium-term prospects for altcoins.

Ethereum ETFs, once widely adopted, could further stabilise the market and lead to renewed interest in other top-tier cryptocurrencies.

Market observers continue to point to institutional buying of crypto ETFs as a key driver of Bitcoin’s strength.

With Bitcoin ETFs already spurring demand, Ethereum ETFs are expected to gain traction once they receive broader regulatory approval.

The introduction of Solana ETFs, currently under consideration, could further diversify institutional investments.

Although the market’s recent movements have sparked concerns, traders generally remain optimistic about Bitcoin reaching the $100,000 threshold soon.

This optimism is bolstered by steady gains in traditional equity markets and favourable macroeconomic conditions.

Looking ahead, analysts anticipate that pro-crypto policies, particularly in the US, could sustain the current rally into 2025.

Discussions between political stakeholders and crypto executives signal a potential shift towards more supportive regulatory frameworks, which could benefit Bitcoin and other leading cryptocurrencies.

The market’s resilience during the latest pullback demonstrates the continued confidence in digital assets, even amid heightened volatility.

As institutional adoption increases and regulatory clarity improves, the crypto market appears well-positioned to navigate future challenges.

The post Bitcoin’s weekend slide triggers $500M liquidations, XRP and DOGE lead the plunge appeared first on Invezz

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