Blood Red Monday Across Crypto Markets

The crypto market has experienced a significant downturn, with a 6% drop over the last day.

Major Coin Losses

Leading coins such as Solana, XRP, and Dogecoin have suffered even greater losses.

Bitcoin

Bitcoin’s decline is comparatively modest, down over 2% to around $93,417, having nearly fallen to $93,000.

Ethereum

Ethereum, however, has seen a steep decline of nearly 8%, bringing its value to $2,584. This follows a tumultuous period after $1.4 billion worth of ETH was stolen from the Bybit exchange.

Liquidations Surge

Liquidations have skyrocketed to $686 million in the last 24 hours, with Ethereum and Bitcoin leading at about $147 million and $143 million, respectively. The majority of these liquidations were for long positions.

Solana Hits Hardest

Solana remains the biggest loser among the top 10 coins, down 12% in a day and 19% for the week, now priced below $147. It fell below $145—the lowest point since mid-October. The ecosystem is struggling due to decreased interest in meme coins, particularly after controversy surrounding Libra, promoted by Argentine President Javier Milei. Reports indicate losses of over $250 million for traders betting on this coin.

Other Top Coins

Other cryptocurrencies are also facing significant declines: Dogecoin (DOGE) down over 11% at $0.213, XRP nearly 9% lower at $2.35, and Cardano down almost 8% at $0.70.

TURMP Coin

TURMP, President Donald Trump’s Solana meme coin, fell to $13.70, marking an 81% drop from its peak of over $73 since its debut in January.

Exchange Controversy

This market dip follows news that OKX pleaded guilty to charges from the Department of Justice for illegally serving U.S. customers, agreeing to pay penalties exceeding $500 million.