Crypto Market Slump: Key Currencies Drop Amid Rising Trade Activity

The cryptocurrency market experienced a downturn on Tuesday, decreasing by 1.94% against the U.S. dollar, lowering the total market value to $2.38 trillion. Leading cryptocurrencies, including bitcoin, solana, binance coin, dogecoin, and cardano, faced losses. In contrast, ethereum, xrp, and toncoin achieved modest gains.

Crypto Market Dips, Long Positions Lead to $134.65M in Liquidations

Bitcoin (BTC) fell to $65,550 on Tuesday, a 2.7% drop over the past 24 hours. Conversely, ethereum (ETH) remained stable, increasing by 0.4% within the same period. Solana (SOL) dropped by 3%, BNB decreased by 1.5%, and dogecoin (DOGE) fell by 3.2%. In contrast, xrp increased by 3.3%, and toncoin (TON) saw a slight rise of 0.06% on Tuesday.

The day’s biggest losers include jupiter (JUP), down 6.28%, arweave (AR), which lost 6.04%, and rocket pool (RPL), which slid by 5.62%. Meanwhile, compound (COMP) rose 11.04%, mogcoin (MOG) increased 11.01%, and convex finance (CVX) went up 10.73%. Despite the market downturn, overall trade volume rose by 6.54% to $72.86 billion.

In the derivatives markets, a significant number of long positions were liquidated, totaling $134.65 million so far, on Tuesday. Of these, $109.80 million were long bets, with $59 million solely BTC-based. Additionally, $30.7 million in ETH longs and $7.73 million in SOL longs were wiped out. The volatility affected 36,695 traders in the last 24 hours. The largest single liquidation order occurred on Okx, a BTC-USDT-SWAP valued at $8.28 million.

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