Crypto Market Tumbles: Bitcoin, Ethereum, Dogecoin Liquidations Exceed $1.1 Billion

Bassyonni

ago 7 hours

Crypto Market Tumbles: Bitcoin, Ethereum, Dogecoin Liquidations Exceed $1.1 Billion

Following a disappointing October for the cryptocurrency market, November has not brought relief. Major cryptocurrencies are experiencing significant losses, particularly Bitcoin, which has dropped by 4% to a recent price of $105,699. This value marks its lowest point since mid-October. Other cryptocurrencies, known as altcoins, have suffered even greater declines.

Significant Market Liquidations

Recent data from CoinGlass highlights that liquidations in the crypto market have surged, exceeding $1.1 billion. Over the past 24 hours, approximately $1.16 billion worth of positions have been liquidated. Notably, long positions, or bets on rising prices, accounted for $1.08 billion of these liquidations.

Leading Liquidations

Bitcoin: Liquidations worth $298 million
Ethereum: Liquidations worth $273 million
XRP: Down about 7% to $2.33
BNB: Showing a decline of approximately 9%
Dogecoin: Also down around 9%

Ethereum, in particular, has seen a steep decline, plummeting about 7% to $3,583, which is its lowest level in nearly three months. Other major cryptocurrencies such as Solana and XRP have mirrored this downward trend, contributing to a troubling start for the month.

Market Influences and Analysis

The current market downturn comes amid stability in U.S. stock indices, including the Nasdaq and S&P 500. The lack of clear triggers for these crypto declines has raised concerns among analysts. Notable insights from pseudonymous analyst Maartunn of CryptoQuant suggest potential reasons for the losses, including:

Sell pressure from U.S. spot Bitcoin traders
Fragility observed in Ethereum charts

Both Bitcoin and Ethereum have been testing their support levels consistently. Maartunn stated, “During bullish phases, support levels typically aren’t revisited. In bearish times, they are.” Multiple tests of support aren’t favorable signs, indicating that buyers might eventually grow tired.

Coinbase Premium and Market Sentiment

The analyst also pointed out that the Coinbase premium—reflecting price discrepancies between exchanges—turned negative as trading resumed after the weekend. “This shows that U.S. investors significantly impact prices, similar to last month,” he noted.

The market began to slide late Sunday following comments from U.S. Treasury Secretary Scott Bessent, who expressed concerns about the potential recession driven by high interest rates. The approaching jobs report may also contribute to heightened uncertainty among crypto traders, leading to expectations of short-term volatility.