The continued selloff in the crypto market led to more than $759 million in liquidations over the past 24 hours, according to Coinglass data.
Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies extended losses in early Tuesday trading following the weekend flash crash, with Dogecoin (DOGE) and Solana (SOL) among the hardest hit in the top 10 by market value.
Bitcoin’s price was trading at around $109,600, with retail sentiment on Stocktwits trending in ‘bearish’ territory over the past day. The apex cryptocurrency’s price is more than 11% below its all-time high of over $124,000, seen earlier this month.
Bitcoin-linked stocks were mainly in the red during pre-market trading amid broader weakness in the market. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.7% lower. Bitcoin miner Riot Platforms (RIOT) stock dropped 1.9%, while shares of its peer, Mara Holdings (MARA), fell 0.6%. Crypto exchange Coinbase Global’s (COIN) stock traded flat.
Meanwhile, Ethereum’s price dipped to $4,400, trading more than 10% below its record high of more than $4,900, a milestone reached on Sunday. On Stocktwits, retail sentiment around ETH continued to trend in the ‘bullish’ zone amid ‘high’ levels of chatter.
However, shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were in the green during pre-market trade. BMNR’s stock edged 0.3% higher, while FGNX’s stock rose nearly 4%.
Other major altcoins were also under pressure during early morning trade. Solana’s price dipped 5%, followed by Dogecoin’s price falling 4.4%. Cardano (ADA), Ripple’s native token XRP (XRP), and the BNB Coin (BNB) were also in the red. Cardano’s price fell 3.7%, XRP’s price was down 1.9% and BNB’s price dipped 1.8%.
The continued selloff in the crypto market led to more than $759 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 $647 million. Short liquidations were around $110 million. Bitcoin experienced the largest liquidations of $270 million, followed by Ethereum at $237 million.
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