As a researcher with extensive experience in the cryptocurrency market, I find myself observing yet another decline in digital asset prices on Monday morning. Major coins such as Ethereum (ETH) and Ripple (XRP) are charting significant decreases, with ETH trading below $3K once again and XRP dropping by 5%. The bearish trend has resulted in nearly $300 million worth of liquidated leveraged positions, the majority of which were long.
On Monday morning, the cryptocurrency market is experiencing another downturn, as evidenced by significant drops in the values of prominent digital coins.
For example, ETH is once again trading below $3K and is down 4% on the day. XRP dropped by 5%, and now the bulls are fighting to defend the critical $0.4 level.
In the graph displayed, large-cap altcoins show no deviations, all trading deeply in the red. The market downturn over the past hours has led to approximately $300 million in liquidated leveraged long positions. Notably, around $113M were short positions, suggesting price volatility.
Meme coins have experienced significant losses, with CoinGecko reporting a 10% decrease in value for this category within the last 24 hours.
That said, the major meme coins are downright plummeting at the time of this writing.
- DOGE is down 6.4%
SHIB is down 4.8%
PEPE declined by 10%
WIF dropped by 9.5%
BONK is down 6%
FLOKI is down 6%
Based on the widely-used Crypto Fear and Greed Index, the prevailing market attitude towards cryptocurrencies is currently classified as fearful with a score of 28 points. For context, this figure was 53 just a week ago, and it stood at 72 a month ago.
The market is showing signs of apprehension regarding the possible selling surge caused by Mt. Gox creditors offloading their regained Bitcoins and Bitcoin Cash following the exchange’s long-awaited repayment process. As previously reported by CryptoPotato, this drawn-out saga, which has lasted nearly a decade, is now underway.
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2024-07-08 08:34