The volatility in the crypto market led to more than $900 million in liquidations over the past 24 hours, according to Coinglass data.
All of the top 10 cryptocurrencies by market capitalization slipped in early morning trade, with Bitcoin (BTC) and Ethereum (ETH) each down as much as 1.5% in the past 24 hours.
Bitcoin’s price was trading at around $119,000, with retail sentiment on Stocktwits in ‘neutral’ territory. Its brief push to a record $124,000 on Thursday was followed by a drop that closed last weekend’s CME gap at $117,600, after hotter-than-expected PPI inflation data and Treasury Secretary Scott Bessent’s flip-flop on buying Bitcoin for a strategic reserve.
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, edged 0.07% higher. Bitcoin miner Riot Platforms (RIOT) stock dropped 0.57%, while shares of its peer, Mara Holdings (MARA), gained 0.13%. Crypto exchange Coinbase Global’s (COIN) stock traded flat.
Meanwhile, Ethereum’s price dipped to below $4,700, dashing hopes of traders who were expecting that the cryptocurrency would finally breach its all-time high set nearly four years ago. On Stocktwits, retail sentiment around ETH was in the ‘extremely 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 amid the broader market showing strength. BMNR’s stock edged 0.5% higher, while FGNX’s stock rose more than 5%.
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. Solana’s price took the biggest hit, dropping 4.3% in the last 24 hours, followed by XRP’s price, which dipped 3.4% and Dogecoin’s price, which slid 3.1%. Cardano’s price fell 2.5% after the cryptocurrency was seen outperforming the rest of the market, with investors hoping it would rocket past the $1 market on Thursday.
The volatility in the crypto market led to more than $900 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 $765 million. Short liquidations were around $136 million. Ethereum experienced the largest liquidations of $331 million, followed by Bitcoin at $153 million.
Markets are watching Friday’s U.S. retail sales report, expected to show a 0.5% month-over-month increase. A hotter-than-expected reading could further dampen expectations for a September rate cut.
Read also: Scott Bessent Says US Bitcoin Reserve Worth At Least $15 Billion, No Plans To Buy More BTC
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