- Dogecoin dropped 4.3%, marking the biggest decline among the top 10 cryptocurrencies in the last 24 hours.
- BNB reached an all-time high of $1,330 after surpassing XRP in market capitalization.
- Most major cryptocurrencies, including Bitcoin and Ethereum, traded lower ahead of the U.S. Federal Reserve’s minutes release.
- Crypto market volatility led to nearly $650 million in liquidations, mainly from traders holding long positions.
- Stocks related to cryptocurrency, such as MSTR and major Bitcoin miners, showed gains in pre-market trading.
In the last 24 hours, top cryptocurrencies experienced significant price fluctuations. Dogecoin had the largest decline among the top 10, dropping by 4.3%. Meanwhile, BNB reached a record high of $1,330 following its rise to become the third-largest crypto asset by market capitalization.
The surge in BNB contrasted with declines in other major tokens. Bitcoin fell by 1.1%, trading at approximately $122,900, about 2.5% lower than its previous high above $126,000. Ethereum also dropped, down 4.2% to around $4,500. Sentiment among retail investors remained bullish for Bitcoin, neutral for Ethereum, and turned bearish for Dogecoin.
Other large-cap cryptocurrencies also experienced declines: Cardano fell 4%, Solana slipped 3.8%, and XRP slid by 3.4%. These moves came ahead of the anticipated release of the U.S. Federal Reserve’s latest meeting minutes.
On the equities front, companies with significant crypto exposure performed positively. MicroStrategy (MSTR), the largest corporate holder of Bitcoin, rose by 2.1% in pre-market trading. Bitmine Immersion Technologies (BMNR) increased by up to 1.3%. Performance among major Bitcoin miners was mixed, with Marathon Digital (MARA) adding 1.2% and Riot Platforms (RIOT) gaining 1.7%. Crypto exchange Coinbase (COIN) was up 0.6%.
Increased volatility triggered approximately $650 million in liquidations across the crypto market during the same period. Most liquidations—totaling $490 million—were from “long” positions, or traders betting on price increases. “Short” position liquidations accounted for roughly $160 million. Ethereum saw the largest single-token liquidations at $180 million, with Bitcoin following at $160 million.
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