Dogecoin Drops Significantly Amid Profit-Taking in Crypto Market
Major liquidations hit the crypto markets with Dogecoin leading the losses as traders take profits amidst a downturn.
Key Highlights:
- Over $675 million was liquidated in the crypto markets in just 24 hours, signaling a major downturn since April.
- Bitcoin and Ether accounted for significant losses, with forced closures of approximately $333 million and $113 million, respectively, alongside Dogecoin’s decline of over 7.6%.
What Happened:
A wave of profit-taking swept through the crypto markets late Monday, resulting in more than $406 million in long liquidations within the day. Additionally, short positions accounted for another $269 million, bringing the total liquidation to approximately $675.8 million, one of the largest wipes out since April.
Profit, Risk and Loss.
Liquidation tracker Coinglass pinpointed that the most substantial single liquidation stemmed from a $98.1 million BTC/USDT long position on Binance.
Even with Bitcoin nearing record highs, various analysts indicate that traders are exercising caution. Elevated funding rates and the memory of past extensive liquidations contribute to a more tempered enthusiasm among traders.
Quote from Ryan Lee: “The trajectory towards $150,000 by Q3 is increasingly likely, driven by ETF inflows and macroeconomic factors, but traders should remain wary of potential pullbacks.”
