Key Highlights:
- Bitcoin (BTC) fell by 2% below the $100,000 mark, triggering a downturn across major cryptocurrencies.
- Significant liquidations amounted to over $300 million in bullish bets due to the market slide.
- Cardano (ADA) experienced the steepest decline of approximately 7% following a security issue with its foundation's social media account.
Market Overview:
The crypto market commenced the week negatively, particularly as Bitcoin fluctuated during the European hours after recently surpassing the $100,000 threshold. The drop pushed major currencies like XRP, Dogecoin (DOGE), and Solana (SOL) down by as much as 5.5%.
The CoinDesk 20 index, which monitors leading tokens by market capitalization, saw a 3.6% decline, with some mid-cap tokens plunging up to 10%, according to Coingecko. This unusual trend indicates higher losses among smaller altcoins compared to Bitcoin and Ether (ETH).
Liquidation Details:
The largest liquidation event was reported on Binance, affecting a DOGE futures trade valued at $5.53 million. Market analysts predict trends will continue to remain stable until 2025.
"We’re still structurally bullish, yet the spot modifications are likely to persist through the holiday season," noted QCP via a Telegram broadcast. Translation: We're still fundamentally optimistic, although market stagnation might continue throughout the holiday season.
