- Cryptocurrency market experiences broad decline with over 6% drop, led by significant losses in altcoins.
- Ethereum falls nearly 8% following a $1.4 billion security incident at Bybit exchange.
- Liquidations surge to $686 million in 24 hours, predominantly affecting long positions.
- Solana records steepest decline among top 10 cryptocurrencies, dropping 12% to below $147.
- OKX exchange’s guilty plea and $500 million penalty coincides with market downturn.
Cryptocurrency markets plunged into negative territory on Monday, with the total market experiencing a significant 6% decline. Bitcoin showed relative stability, dropping 2% to $93,417, while other major cryptocurrencies recorded substantially deeper losses amid increased selling pressure.
The second-largest cryptocurrency, Ethereum, saw its value decrease by nearly 8% to $2,584, following a security breach at crypto exchange Bybit where approximately $1.4 billion in ETH and related tokens were compromised last Friday. This incident has contributed to heightened market uncertainty and volatility.
Market data from CoinGlass reveals unprecedented liquidation levels, reaching $686 million in 24 hours. Long positions, which bet on price increases, account for the majority of these liquidations, with Ethereum and Bitcoin leading at $147 million and $143 million respectively.
Solana, the ecosystem previously celebrated for its meme coin boom, faced the most severe decline among top cryptocurrencies, plummeting 12% to below $147. The collapse is partially attributed to the controversial Libra token situation in Argentina, where traders lost over $250 million according to analytics firm Nansen.
Other major cryptocurrencies also experienced significant losses, with Dogecoin declining 11% to $0.213, XRP falling 9% to $2.35, and Cardano dropping 8% to $0.70. The TRUMP token, a Solana-based meme coin, hit its lowest point since January at $13.70, representing an 81% decline from its all-time high.
The market downturn coincided with regulatory developments as cryptocurrency exchange OKX admitted to illegally serving U.S. customers and agreed to pay over $500 million in penalties to the Department of Justice, adding to the broader market pressure.
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