#Binance #CoinbaseEffect #BitcoinHalvingAlerts

CoinDesk: Crypto Market Witnesses $400 Million in Liquidations as Solana and Dogecoin Lead the Decline

In the last 24 hours, major cryptocurrencies have experienced a significant drop, with Bitcoin falling by 5%. Other major tokens, including Ether, Cardano's ADA, and BNB Chain's BNB, also suffered similar losses.

Long positions, which bet on higher prices, saw liquidations exceeding $400 million, while shorts, or bets against the market, recorded relatively smaller liquidations totaling $85 million.

Bitfinex analysts predict that Bitcoin will likely remain range-bound in the coming weeks as long-term investors continue to sell off their holdings.

The decline in major tokens, including Bitcoin, Ether, Cardano's ADA, and BNB Chain's BNB, reached as much as 8% in the past 24 hours. This reversal in Bitcoin's gains was attributed to selling pressure caused by a stronger dollar, resulting in the liquidation of over $400 million in bullish bets.

Bitcoin fell by 5%, while Ether, Cardano's ADA, and BNB Chain's BNB also experienced similar losses. Solana's SOL dropped by 7%, trading at $185 after briefly reaching $200 on Monday, while Dogecoin fell by over 8%. Bitcoin Cash's BCH experienced a 10% decline due to profit-taking following a 40% rally in the past week, driven by the expected halving event for the network on April 4.

The CoinDesk 20, a comprehensive index tracking major tokens excluding stablecoins, witnessed a decline of just over 5%.

Liquidations of long positions, which bet on higher prices, exceeded $400 million, while shorts, which bet against the market, recorded liquidations of $85 million. Liquidation occurs when a trader does not have enough funds to maintain a leveraged trade.