The recent downturn in the digital currency market has triggered major liquidations in the crypto industry, with XRP, Solana, and Dogecoin in the spotlight.
Crypto Market Liquidations of Top Altcoins
Altcoins are leading the liquidation trend over the past 24 hours. Ethereum shows the biggest liquidation with $136.13 million. Among altcoins, XRP stands out with $24.97 million in liquidations, primarily from long traders at $23.68 million, and short liquidations accounting for $1.16 million. Solana and Dogecoin also feature among the top, with Solana losing $17.32 million and Dogecoin $10.54 million.
How Price Influenced This Selloff
The combined crypto market has dropped 4.02% to $2.73 trillion. The Bitcoin price led the selloff, triggering panic across the market. XRP lost 6.45% of its value, trading at $2.197. Solana faced similar losses, falling 6.7% in value. Dogecoin dropped by 5.9%, trading at $0.1806.
Potential Crypto Market Triggers to Watch
The situation in the crypto market is compounded by its correlation with stock markets. Recent updates, such as the closure of the lawsuit against Coinbase and other major crypto exchanges, have shifted U.S. SEC policy. Meanwhile, FDIC's guidance to banks is bolstering interest in cryptocurrencies despite current instability.
The downturn in the crypto market and resulting liquidations highlight its volatility. However, current legislative changes might eventually support the market and strengthen asset positions.
