Bitcoin, Ethereum and Dogecoin Dive as Crypto Liquidations Near $1 Billion

Major digital coins, including Bitcoin, Ethereum, and Dogecoin, experienced significant declines as liquidations approached $1 billion within a 24-hour period. Bitcoin fell nearly 4%, trading just below $109,700, while Ethereum decreased by approximately 7.5%, reaching around $3,879. Dogecoin, the eighth-largest cryptocurrency, suffered even greater losses, plummeting nearly 9% to close to $0.23. The drop coincided with a downturn in the stock market, where major indices like the S&P 500 and Nasdaq also showed losses. Data indicated that over $930 million in cryptocurrency positions were liquidated, predominantly affecting long positions, which accounted for a substantial part of the total. Analysts noted that Bitcoin had been hovering above $111,000 ahead of anticipated U.S. inflation data, crucial for future interest rate decisions. The overall market trend suggested a turbulent period, with analysts differing on potential outcomes for major cryptocurrencies in the wake of this volatility.

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