Crypto Leaders in the Americas Continue to Decline; SOL and DOGE Take Heavy Hits
Crypto News– Cryptocurrency majors continued to slide during the European morning, with prominent altcoins and meme coins leading the downturn. SOL and DOGE were particularly hard hit, showing declines of 4.5% and 10% respectively over the last 24 hours. Bitcoin also dipped below $66,000 to around $65,300, marking a decrease of 0.9%, while Ethereum dropped over 3.25% to $3,400. The CoinDesk 20 Index (CD20), which tracks the broader digital asset market, recorded a decline of just over 3% in the past day.
Bitcoin ETFs mirrored this negative trend, experiencing outflows of $145 million on Monday. DOGE saw $60 million in long positions liquidated, surpassing losses seen in BTC futures—a rare occurrence in the crypto market. These figures represent DOGE’s largest hit since May 2021. BTC long positions lost $47 million, and ETH fared worse with losses totaling $76 million. Overall, crypto longs saw over $440 million in losses due to profit-taking and dollar strength, according to traders.
Open interest, which measures the number of outstanding futures contracts, fell by 16% to $600 million. Meanwhile, the long-short ratio for DOGE futures indicates a bearish sentiment among traders, standing at 0.94 and suggesting expectations for further declines.
trending crypto chart today
- Since December, the total value locked in the TON blockchain has increased from $11 million to $603 million.
- The 54x surge in six months comes as the TON-based economy takes root in Telegram.
- Source: DefiLlama
– Omkar Godbole
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