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Crypto Majors Slide Further; SOL, DOGE among the most affected
The crypto majors slipped further during the European morning with some of the predominant altcoins and meme coins taking the plunge. SOL and DOGE have been among the hardest hit, currently trading down 4.5% and 10% in the last 24 hours. Bitcoin fell below $66,000 to around $65,300, a decline of 0.9%, while ether was down more than 3.25% to $3,400. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, fell just over 3% in the past 24 hours. Bitcoin ETFs also continued their dismal run, recording $145 million in outflows on Monday.
DOGE bulls liquidated $60 million in long trades on Monday, performing worse than BTC counterpartsan unusual occurrence in the cryptocurrency futures market. The figures represent the biggest hit DOGE has taken since May 2021. Long bets on BTC lost $47 million and ETH suffered worse than both with $76 million. Overall, cryptocurrency longs lost more than $440 million as profit-taking and dollar strength weighed on the market, traders said. Open interest, or the number of unsettled future bets, fell 16% to $600 million. Meanwhile, a long-short ratio tracking DOGE futures shows that traders are positioning themselves for further declines, with the ratio at 0.94 – indicating a bearish bias.
Layer 2 Blockchain ZKsync kicked off its airdrop on Mondaywith 45% of tokens claimed in less than two hours. According to data from CoinGecko, the ZK token opened at $0.31 and has since fallen by around 32%. The market capitalization is approximately $800 million, based on circulating supply, with approximately 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market cap would be $4.5 billion. Cryptocurrency exchanges Binance, Bybit and KuCoin have currently listed the ZK token, although Binance had said it would postpone the listing after experiencing technical issues with its node.