It’s been a bumpy bout of volatility for cryptocurrencies. DOGE, SHIB, ADA, SOL, and other alternative cryptocurrencies nursed losses Tuesday amid continuing profit-taking and another day of net outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), adding to the bearish sentiment.
Market leader Bitcoin (BTC) hit new one-month lows of $64K, leading to the liquidation of over $390 million in bullish bets.
Bitcoin Returns To $64K As Nearly $400M In Longs Get Rekt
The price of Bitcoin slid to as low as $64,548, leaving the alpha crypto down over 2.6% over the prior seven days. As Bitcoin slipped, investors saw almost half a million positions in various assets rekt. Of $455.60 million in liquidations, the majority — over $393.93 million — were long positions, according to data from monitoring resource CoinGlass.
Bitcoin was hovering around $65,444.53 as of press time. BTC sank below the $65,000 level last week for the first time in a month as net outflows from spot exchange-traded funds (ETF) surpassed $500 million and the Federal Reserve hinted just one interest rate cut in 2024. According to data from Farside, the spot ETFs have witnessed outflows on five of the last six trading days.
According to CoinGlass, roughly 172,879 traders were liquidated over the last day. The platform’s metrics reveal that the largest single liquidation order occurred on Binance, a $6.44 million long bet on Ethereum.
Altcoins Suffer Massive Losses
Ether, the industry’s second-largest cryptocurrency by market cap, dipped 2%.
Dogecoin plunged 9.4% in the past 24 hours, falling from around $0.1345 to $0.1176, leading to major crypto losses. The industry’s largest meme coin by market capitalization is now changing hands at $0.1221. Other meme coins, such as Shiba Inu (SHIB), have also plunged 10.1%, Dogwifhat (WIF) has tumbled 12%, and Floki (FLOKI) fell 9%.
Solana (SOL) was also badly bruised over the last day of the top ten largest cryptocurrencies by market cap. SOL has fallen 5.3% in the past 24 hours. The token has posted 10.5% losses over the past week. Cardano’s ADA lost as much as 7.2%, while Ripple-promoted token XRP outperformed with losses of just 0.2%.
Toncoin (TON), the token of The Open Network, has nosedived by 6.5%. With a market cap of $17.6 billion, TON is now the 9th most valuable cryptocurrency in the world.
