Bitcoin Slides To July Levels, Ethereum Retreats From Weekend Highs – $840M Liquidated In Crypto Selloff
Synopsis
The selloff in the crypto market led to more than $840 million in liquidations over the past 24 hours, according to Coinglass data.
Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and all other top tokens continued to tumble in early morning U.S. trade on Monday after Sunday’s flash crash.
Bitcoin’s price was down more than 3% in the last 24 hours, trading at $111,300, a level not seen since July. However, on Stocktwits, retail sentiment around the apex cryptocurrency improved to ‘neutral’ from ‘bearish’ territory over the past day.
Bitcoin-linked stocks were in the red during pre-market trading amid broader weakness in the market. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, tumbled 4.3%. Bitcoin miner Riot Platforms (RIOT) stock dropped 3.9%, while shares of its peer, Mara Holdings (MARA), fell 4.4%. Crypto exchange Coinbase Global’s (COIN) stock traded 2.7% lower.
Meanwhile, Ethereum’s price dropped 4.5% in the last 24 hours, holding at around $4,500 after hitting a new all-time high of more than $4,900 over the weekend. The second-largest cryptocurrency by market value also saw an improvement in retail sentiment. On Stocktwits, sentiment lifted to ‘bullish’ from ‘neutral’ territory over the past day.
Shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were mixed during pre-market trade. BMNR’s stock dropped 5.5%, while FGNX’s stock rose more than 2.6%.
Other major altcoins, which include Solana (SOL), Ripple’s native token (XRP), Cardano (ADA), and meme token Dogecoin (DOGE), were in the red during early morning trade. Dogecoin’s price took the biggest hit, down 5.1% in the last 24 hours, followed by Solana’s price, which slipped 4.6%. Cardano’s price was down 4% and XRP’s price dropped 2.9%.
The selloff in the crypto market led to more than $840 million in liquidations over the past 24 hours, according to Coinglass data. Most of the liquidations came from long bets–traders who bet that the price of cryptocurrencies would rise, amounting to around $676 million. Short liquidations were around $164 million. Ethereum experienced the largest liquidations of $297 million, followed by Bitcoin at $270 million and Solana at $50 million.
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