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Why Is Crypto Down Today? Bitcoin, Ethereum, and Solana Falling, Why?
Investors are wondering, ‘Why is crypto down today?’ as Bitcoin slides 1% overnight, while Solana and Ethereum fall further, 8% and 3.5% respectively. As a result, the combined crypto market cap is down 7% on the day, slipping to $3.9 trillion.
Currently, the only cryptocurrency in the top 100 to post a gain today is Curve Finance (CRV), with a modest 0.5% increase, while every other non-stablecoin token has posted a loss.
$800 Million In Liquidations Over The Past 24-Hours – Ethereum Leading The Way
With the heightened volatility in the crypto market over the past few days, both bulls and bears have been suffering, resulting in $803 million in liquidations across both long and short positions in the past day.
The heatmap from CoinGlass shows that, of the $836 million in liquidations over the past 24 hours, ETH, XRP, BTC, SOL, and DOGE accounted for the largest individual losses, totaling approximately $430 million of the entire liquidation figure.
Interestingly, the majority of liquidations occurred on long positions, accounting for approximately 86% of the total, compared to short liquidations. This means that bullish traders were caught off guard by the pullback across the crypto market. In contrast, those in short positions remained primarily in profit.
Binance accounted for a significant portion of the day’s liquidations, with $29 million wiped out across both long and short positions on the world’s largest crypto exchange.