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Bitcoin and Ethereum See Red as Markets Sag Amid Volatility
Bitcoin and Ethereum , along with the rest of the top 10 crypto assets by market capitalization, are looking sluggish on Thursday morning.
At the time of writing, the Bitcoin price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum price , which is 3.7% lower than it was 24 hours ago at $3,185.22. The ETH price drop is identical to that of Lido Staked Ethereum (stETH), an Ethereum liquid staking token.
In the past day, lagging prices have led to the liquidation of $225 million worth of derivatives contracts, according to Coinglass . And roughly half of them, about $100 million, have been liquidated in the past 12 hours.
When a trader gets liqudiated, it means their position in the market has been forcibly closed by an exchange or brokerage because of a margin call or insufficient collateral. Margin is particularly relevant when it comes to leveraged positions, which allow traders to control some multiple of their deposit—like opening a $10,000 position with just $1,000 in their account.
Now that it's been three straight days of losses for Bitcoin, there's a chance the world's oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt .
Meanwhile, the rest of the top coins are a mixed bag.
Solana (SOL) has sunk 7.2% since yesterday to $169.13. Thins are even worse for its most popular meme coins. In the past 24 hours, popular meme coins Dogwifhat (WIF) has dropped 12% and BONK (BONK) has fallen 9%, according to CoinGecko data.
Their dog-themed competitor and Ethereum OG Dogecoin (DOGE), the lone meme coin that's in the Coingecko top 10, has fallen almost 4% since yesterday and is currently trading for $0.1205.
XRP (XRP) has fallen to $0.608—7% lower than it was this time yesterday.
Binance's BNB Coin (BNB) has kept pace with BTC and is currently trading for $571, down 2.4% compared to this time yesterday. Toncoin (TON), the native token of The Open Network, has sunk only 0.4% in the past day.
That leaves stablecoins USDC (USDC) and Tether (USDT), which are both flat as they maintain their 1:1 pegs with the U.S. dollar.