Crypto Market Plunge: Liquidations Soar Past $800 Million as Dogecoin Leads Losses
A wave of selling pressure has swept through the cryptocurrency market, triggering notable liquidations and sending prices lower.Optimistic traders who had bet on continued gains have faced substantial losses as the market corrects.
Market Overview: A Sea of Red
- Over the past 24 hours, crypto liquidations have exceeded $800 million, primarily affecting long positions.
- Bitcoin briefly dipped to nearly $104,000 Friday, a stark contrast to its recent peak just shy of $112,000 last week.
- Dogecoin has suffered the most significant decline among the top 10 cryptocurrencies, falling below $0.20 per coin.
Liquidations Skyrocket
Data from CoinGlass reveals that more than $827 million worth of crypto positions were liquidated in a single day. Long positions accounted for the vast majority of these liquidations, totaling $747 million.
Bitcoin and Ethereum Bear the Brunt
Bitcoin and Ethereum traders experienced the most pain during the market downturn.Bitcoin liquidations amounted to $222 million, while Ethereum liquidations reached nearly $122 million. Solana, XRP, and Dogecoin also saw significant liquidations.
Dogecoin’s Downward Spiral
Dogecoin (DOGE) is currently leading the losses among the top 10 cryptocurrencies by market capitalization. As of this writing, Dogecoin has fallen 9% over the past day, dropping below the $0.20 price level. The last time DOGE traded this low was May 8.
Other Altcoins Feel the Pressure
Other prominent altcoins have also experienced declines. Solana is down nearly 5% at $160, XRP has fallen 3.3% to $2.20, and Ethereum is off by 3% at a current price of $2,573.
Bitcoin’s Struggle to Hold Gains
Bitcoin’s daily dip of 1.3% is less dramatic compared to some altcoins, with a current price of $104,730. though, it briefly approached the $104,000 mark earlier in the day. The leading cryptocurrency has struggled to maintain the gains it made just over a week ago when it reached a new all-time high of $111,814.
External Factors Weighing on the Market
The crypto market’s decline coincides with a downturn in stock market indices, influenced by Thursday’s down GDP report
and ongoing disputes between President Donald Trump and the courts regarding whether his global tariffs are legal.
Analyst Outlook: Short-Term Weakness Expected
Valentin Fournier, lead research analyst at BRN, anticipates further short-term weakness for Bitcoin before a potential rebound. He stated in a Friday market note:
We expect a temporary drop toward the $100K level before a broader move toward $130K-$150K,after which altcoins could take over.
Valentin Fournier, BRN Lead Research Analyst
