Crypto Market Slumps: Bitcoin Tanks, Dogecoin Drops Below $0.19The cryptocurrency market experienced a significant downturn in the past 24 hours, with Bitcoin plunging around $3K and Dogecoin falling by 14%. The market sell-off triggered liquidations, with close to $500 million in long positions wiped out. Dogecoin, one of the largest altcoins, suffered a heavy decline, currently trading below $0.19. The meme coin's volatile nature and susceptibility to price swings pose higher liquidation risks for leveraged traders.
Crypto Market Plummets: Bitcoin and Dogecoin Suffer Significant Losses
The cryptocurrency market has witnessed a sharp downturn in the past 24 hours, with Bitcoin (BTC) and Dogecoin (DOGE) experiencing substantial price declines.
Bitcoin, the flagship cryptocurrency, has undergone a notable correction, shedding approximately $3,000 in value within the 24-hour period. At the time of this report, BTC is trading below $23,000, far from its all-time high of $69,000.
Dogecoin, the popular meme coin, has faced even steeper losses. It has plunged by over 14% in the same period, dropping below $0.19. As a result, DOGE is now trading at its lowest level since mid-January.
The cryptocurrency market's decline has also impacted numerous altcoins, with most experiencing significant losses. As reported by CryptoPotato, this downturn has triggered a massive liquidation flush, with close to $500 million in positions being wiped out. Notably, the majority of these liquidated positions were long positions.
Data from CoinGecko reveals that over $16 million worth of DOGE positions have been liquidated in the past 24 hours. This places DOGE fourth in terms of total liquidations, behind Bitcoin, Ethereum, and Solana.
Meme coins, such as DOGE and Dogwifhat (WIF), tend to be highly volatile compared to other cryptocurrencies. The sharp price fluctuations of these assets pose higher risks of liquidation for leveraged traders. WIF, for instance, has dropped by more than 17% since its peak of $4.60, and is now trading around $3.80.
The recent market downturn highlights the inherent risks associated with cryptocurrencies. It is essential for investors to exercise caution and conduct thorough research before making any investment decisions.
