The cryptocurrency market is currently experiencing a decline on Monday morning, with major coins such as ETH and XRP charting notable decreases. ETH is once again trading below $3K, down 4% on the day, while XRP dropped by 5%. The bulls are now fighting to defend the critical $0.4 level amid the market downturn. Notably, all large-cap altcoins are trading well in the red, as shown in the heatmap.
Liquidated Positions
The recent downturn has resulted in almost $300 million worth of liquidated leveraged positions. The majority of these positions were long, although $113M were short positions, indicating choppy price action in the market. Meme coins have been hit substantially, with the entire sector down 10% in the past 24 hours alone. Major meme coins such as DOGE, SHIB, PEPE, WIF, BONK, and FLOKI are all plummeting at the time of this writing, with significant declines in their prices.
Market Sentiment
According to the popular Crypto Fear and Greed Index, the current market sentiment is fearful at 28 points. This is a stark contrast to 53 points this time last week and 72 points this time last month. Investors and traders are remaining cautious in light of the potential selling pressure that may be induced by creditors disposing of their recovered BTC and BCH from the Mt. Gox exchange.
The cryptocurrency market is currently facing a downturn on Monday morning, with major coins and meme coins alike experiencing significant declines in their prices. The market sentiment is fearful, as investors remain cautious about potential selling pressure. It will be interesting to see how the market reacts in the coming hours and days as traders navigate through the choppy price action.
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