#CryptoMarketDip
Dogecoin Drops 10% as Bitcoin Falls to $96K, Triggering $560M in Liquidated Long Positions
"Historical trends suggest that such declines often set the stage for stronger bullish rallies, particularly given our current position in the market cycle," one analyst noted, while others anticipate a volatile January.
Key Takeaways:
Dogecoin Leads Losses: Among major cryptocurrencies, Dogecoin saw the biggest drop in the past 24 hours as Bitcoin fell from over $102,000 to nearly $96,000.
High Liquidations: Crypto futures betting on price increases faced $560 million in liquidations, marking a significant level early in the year.
Market Outlook: Singapore-based QCP Capital maintains its expectation of a volatile and uncertain crypto market in January.
DOGE plunged 10%, with Solana’s SOL, Cardano’s ADA, BNB Chain’s BNB and ether (ETH) down at least 7%. Bitcoin fell 5.5%, while the broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, fell 7.1%.
