CandleFocus Cardano, XRP Lead Losses Among Majors as Market Slide Liquidates $300M Bullish Bets
2024-12-09
Author: Content Editor
The crypto market saw a decline at the start of the week, with Bitcoin dropping 2% after briefly surpassing $100,000. This led to a dive in other major cryptocurrencies, including XRP, DOGE, SOL, BNB, and ETH. Cardano's ADA experienced the largest drop of 7% due to a temporary compromise of the Cardano Foundation's X account. The market slide resulted in over $300 million in bullish bets being liquidated. The CoinDesk 20 index fell 3.6%, and midcap cryptocurrencies fell as much as 10%. The liquidation of longs mainly occurred on Binance, with a $5.53 million DOGE futures trade. QCP Capital predicts that the market will remain rangebound until 2025. BTC's failure to stay above $100,000 is seen as a concerning sign for a continued rally. However, some analysts believe that this is a necessary correction and that BTC could potentially reach the $120,000 area in the future.
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