Bitcoin Slips Under $116,000 While Cardano, Solana Lead Altcoin Selloff

The selloff in the crypto market led to more than $550 million in liquidations over the past 24 hours, according to Coinglass data.

Bitcoin, Ethereum, and other major cryptocurrencies dropped over the weekend after last week’s macroeconomic data continued to weigh down on retail sentiment. Investors are now looking to the upcoming Jackson Hole meeting and jobless claims data for cues on how the Fed may be thinking about future policy. 

Bitcoin’s price dipped 2.4% in early morning trading and was trading at around $115,200, with retail sentiment on Stocktwits in ‘bearish’ territory. BTC’s price has dipped nearly $10,000 since its latest record high of over $124,000 last week.

Bitcoin-linked stocks were mixed during pre-market trading amid broader weakness in the market. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, dipped 1.8%. Bitcoin miner Riot Platforms (RIOT) stock dropped 1.5%, while shares of its peer, Mara Holdings (MARA), slid nearly 2%. Crypto exchange Coinbase Global’s (COIN) stock was down 1.6%.

Meanwhile, Ethereum’s price fell as much as 5.7% and dipped to below $4,300. However, retail sentiment on Stocktwits trended in the ‘bullish’ zone, accompanied by ‘high’ levels of chatter.

Meanwhile, shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were in the red during pre-market trade. BMNR’s stock dipped 5.6%, while FGNX’s stock tumbled than 7%. 

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. Cardano’s price took the biggest hit, dropping 5.8% in the last 24 hours, followed by Solana’s price, which dipped 5.7% and XRP’s price, which slid 5%. Dogecoin’s price was down 4.7%. 

The selloff in the crypto market led to more than $550 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 $484 million. Short liquidations were around $68 million. Ethereum experienced the largest liquidations of $208 million, followed by Bitcoin at $126 million.

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