Dogecoin and Ether Drop 9% as Bitcoin Leads $700 Million Liquidation
Dogecoin (DOGE) and ether (ETH) fell by 9% in the last 24 hours, while bitcoin (BTC) dropped 4.5%, falling below $80,000. This sell-off resulted in a liquidation of $700 million in long positions.
- $420 million in BTC longs liquidated
- $150 million in ETH longs liquidated
- $30 million in DOGE long losses
- Solana (SOL) decreased by 8%
- XRP lost 7%
- Broader CoinDesk 20 index (CD20) fell over 6.5%
Open interest in BTC futures decreased by 7% to $45 billion, indicating forced exits due to margin calls. Investor sentiment has turned risk-averse amid reduced expectations for Federal Reserve interest rate cuts following a stable jobs report.
Global market sentiment remains shaky, with the S&P 500 down 2% and Nasdaq off 3% this week. Concerns about upcoming U.S. trade tariffs and recession fears contributed to these declines.
The Crypto Fear & Greed Index is at 15, indicating “extreme fear,” which may precede a potential relief rally. QCP Capital noted that despite market turmoil, lower Treasury yields and a weaker U.S. dollar could benefit risk assets, including cryptocurrencies.