Crypto Market Tumbles: Bitcoin, Ether, Solana Prices Plunge
The crypto market experienced a significant downturn, with Bitcoin (BTC) falling below $109,000, marking its lowest price in nearly a month.
- Ether (ETH) dropped 8% in the past 24 hours, nearing $3,800 and losing 22% since last month's highs.
- Solana (SOL) fell below $200, down 8% today, after trading above $250 two weeks ago.
- The CoinDesk 20 Index decreased by 6%.
Derivatives markets saw over $1.1 billion in leveraged positions liquidated, according to CoinGlass data. Ether led with $400 million in long positions wiped out, followed by Bitcoin's $265 million.
Crypto equities also suffered:
- Michael Saylor's Strategy (MSTR) dropped 10%, hitting a five-month low.
- Strategy's stock is now 1.5% down year-to-date, while BTC remains up 16% for the same period.
- Ether treasury firms Bitmine (BMNR) and Sharplink Gaming (SBET), along with bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT), fell 7%-8%.
BTC is near its late August-early September lows, potentially finding support just above $107,000, as per CoinDesk's report on Hyblock Capital analysis.