The crypto market took a sharp downturn on Sunday, shedding 3.18% of its value in just 24 hours, leaving the total market cap at $2.06 trillion.
Bitcoin (BTC) wasn’t spared, sliding 3.8% to hit $58,315 on Bitstamp by 5:13 p.m. EDT.
The fall deepens Bitcoin’s two-week slump to 13.9% against the dollar.
Despite a 7.53% uptick in global trading volume, activity remained subdued compared to last week.
Ethereum (ETH) also stumbled, dropping from an earlier high of $2,720 to $2,540. By 5:15 p.m. EDT, ETH was hovering at $2,568.
Among the top ten cryptocurrencies, toncoin (TON) led the losses with a 7.5% plunge, followed by XRP’s 6.5% dip and Solana’s (SOL) 5.73% decline.
As the weekend drew to a close, market volatility kept investors on edge, with selling pressure persisting across the board.
It was a brutal day for traders in the crypto derivatives markets. Data from Coinglass reveals that 54,744 traders were liquidated, with total losses reaching $132.49 million by late Sunday.
A staggering $102.33 million of that was from long positions, underscoring the market’s bearish momentum.
Bitcoin long positions accounted for $25.95 million of the losses, while Ethereum added another $22.84 million to the tally.
Solana wasn’t far behind, with $8.37 million in long positions wiped out. The day’s largest liquidation hit Okx, where an Ethereum trade resulted in a $2.17 million loss.
For those involved in the crypto trading business, this weekend’s sell-off is a stark reminder of the market’s unforgiving nature.
As the dust settles, traders and investors alike are left to ponder the next move in this unpredictable landscape.
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