- The cryptocurrency market experienced steep declines, led by a 7% drop in XRP and a sharp fall in Bitcoin below $86,000.
- Forced liquidations of long positions drove much of the selling, resulting in over $584 million in total market liquidations.
- Other major tokens, including Ethereum, Solana, Dogecoin, Cardano, and BNB, also declined, while tron remained relatively stable.
- Analysts cautioned that further downside is possible if bearish market sentiment persists.
A widespread selloff affected major cryptocurrencies on Monday night, as market sentiment remained cautious and liquidations intensified. The price of XRP led losses, falling nearly 7% in 24 hours to $1.87. Bitcoin also dropped below $86,000, while the total value of liquidated positions across the cryptocurrency market exceeded $584 million, according to CoinGlass data. Most of this activity resulted from forced liquidation of long positions, rather than panic-driven market exits.
For XRP, approximately $14.5 million in leveraged positions were wiped out, with the majority of losses impacting traders holding long positions. Market sentiment indicators showed a ‘bearish’ outlook and low discussion volume for XRP throughout the day.
Bitcoin briefly hit an intraday low near $85,400 before recovering slightly to trade around $86,100—a more than 4% decrease over the previous 24 hours. The coin experienced about $174 million in liquidations as long positions were forcibly closed. Retail sentiment for Bitcoin shifted to ‘extremely bearish,’ with low levels of related discussion. Some experts warned that, if downward momentum continues, Bitcoin prices could drop further, suggesting potential levels as low as $25,000, according to macro trader Peter Brandt, and between $72,000 and $74,000 as predicted by another observer in this post.
Other leading tokens also faced significant declines. Ethereum (ETH) slid over 5% to $2,955, dominating the day’s liquidation volume at about $186 million. Solana (SOL) dropped to $126.50, with almost $34.5 million in liquidations. Dogecoin (DOGE) fell by 5.6% to $0.129, seeing over $11.5 million in long liquidations. Meanwhile, Cardano (ADA) fell 5.2% to $0.38 amid $3.7 million in liquidations, and BNB declined over 4% to $857 with $2.2 million in liquidations reported.
In contrast, Tron (TRX) showed relative stability, losing less than 1% to trade around $0.278. Liquidations for TRX were comparatively modest, totaling just over $117,000 combined from both long and short positions.
Market observers will be watching for any developments that could shift the current risk-off sentiment, as volatility and liquidations remain high across the sector.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Critical React Vulnerability Exploited, Crypto Sites at Risk
- PayPal files to form Utah industrial bank for crypto, loans
- Ford to Take $19.5 Billion Hit as It Scales Back Electric Vehicles
- Crypto Market Correction: $527M Liquidations Amid Rising AI Debt Risks
- PayPal Applies to Launch Its First U.S. Bank for Small Business
