Bitcoin
Crypto Majors Slide Further; SOL, DOGE among the most affected
Top cryptocurrencies fell even more during the European morning with some of the predominant altcoins and meme coins leading the fall. SOL and DOGE have been among the most affected, currently trading 4.5% and 10% lower in the last 24 hours. Bitcoin fell below $66,000 to around $65,300, a drop of 0.9%, while Ether fell more than 3.25% to $3,400. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is down just over 3% in the last 24 hours. Bitcoin ETFs also continued their dismal trajectory, recording outflows worth $145 million on Monday.
DOGE bulls liquidated $60M in long trades on Monday, performing worse than BTC counterpartsan unusual occurrence in the crypto futures market. The numbers are the biggest hit DOGE has taken since May 2021. BTC long bets lost $47 million and ETH suffered worse than any of them at $76 million. Overall, cryptocurrencies lost more than $440 million as profit-taking and dollar strength weighed on the market, traders said. Open interest, or the number of unsettled futures bets, fell 16% to $600 million. Meanwhile, a long-short index tracking DOGE futures shows that traders are positioning for further declines, with the index at 0.94 – indicating a downtrend.
Layer 2 blockchain ZKsync began its airdrop on Mondaywith 45% of tokens claimed in less than two hours. The ZK token opened at $0.31 and has fallen about 32% since then, according to data from CoinGecko. The market capitalization is around $800 million, based on circulating supply, with around 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market value would be US$4.5 billion. Cryptocurrency exchanges Binance, Bybit and KuCoin have currently listed the ZK token, although Binance said it would postpone the listing after experiencing technical issues with its node.