The CoinDesk 20 index fell 3.6% as major cryptocurrencies such as Bitcoin (BTC), XRP, dogecoin (DOGE), and Solana’s SOL dropped by up to 5.5%. The decline led to the liquidation of over $300 million in bullish bets, with smaller altcoins and meme tokens recording higher losses than BTC or ETH futures.
Bitcoin’s failure to remain above $100,000 is a concerning sign for a continued rally. The coin fell 2% from its six-figure landmark, causing a dive across majors. XRP, DOGE, and SOL dropped as much as 5.5%, with BNB Chain’s BNB and ether (ETH) down 2.5%. Cardano’s ADA fared the worst, with a 7% drop.
The largest single liquidation order happened on Binance, valued at $5.53 million for a DOGE futures trade. Singapore-based QCP Capital expects the market to be rangebound until 2025, citing historical data and options market trends.
Source: https://www.coindesk.com/markets/2024/12/09/cardano-xrp-lead-losses-among-majors-as-market-slide-liquidates-300-m-bullish-bets