The cryptocurrency market is experiencing a downturn on Monday, with significant drops in major coins.
For instance, Ethereum (ETH) has fallen below $3,000 again, marking a 4% decrease. XRP has also dropped by 5%, with investors striving to defend the crucial $0.4 threshold.
Looking at the heatmap shown above, all large-cap altcoins are in the red zone. The recent downturn has led to liquidations of nearly $300 million in leveraged positions, mainly on long positions. However, around $113 million were from short positions, indicating volatile price movements.
Among the hardest-hit are meme coins, with the entire sector down by 10% in the past day, and specific meme coins witnessing significant declines:
- DOGE down by 6.4%
- SHIB down by 4.8%
- PEPE declining by 10%
- WIF dropping by 9.5%
- BONK down by 6%
- FLOKI down by 6%
According to the Crypto Fear and Greed Index, the current market sentiment is at a fearful level of 28 points. This is lower than the 53 points recorded last week and significantly below the 72 points from a month ago.
Investors remain wary of potential selling pressure as creditors start to dispose of recovered Bitcoin and Bitcoin Cash from the Mt. Gox exchange. The defunct platform has begun repaying its creditors after a decade-long saga, as reported by CryptoPotato.
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