This week is off to a bad start for the cryptocurrency market, with several tokens posting double-digit losses.
Ripple-affiliated cryptocurrency XRP is down 12% after falling to an intraday low of $2.07.
Dogecoin (DOGE) and Cardano (ADA) also saw significant losses, falling 10.6% and 13.4%, respectively.
Bitcoin (BTC), the largest cryptocurrency, fell just 2.6% after briefly regaining the $100,000 level on Monday.
The cryptocurrency market is now poised for its worst day in four months, with nearly $1 trillion in value wiped out.
According to data provided by CoinGlass, a staggering $1.76 billion worth of cryptocurrencies were liquidated in the last 24 hours. Unsurprisingly, long positions represent the vast majority of the sum ($1.58 billion).
In total, nearly 600,000 trades were liquidated, with one trader losing up to $19.69 million with a single ETH/USDT order on the Binance exchange earlier today.
Binance, the world’s leading cryptocurrency platform, recorded the largest share of liquidations ($756.26 million).
Notably, Ethereum is above Bitcoin when it comes to the total amount of long positions liquidated in the last 24 hours ($223 million and $148 million, respectively).
Solana, Dogecoin and XRP also feature in the top five after becoming some of the best speculative bets in recent months.
“If retail traders react with fear and start selling their bags, expect a rapid rebound in assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA,” the crypto analytics firm said Santiment. said in a recent article.
