Markets
Crypto majors slide even further; SOL and DOGE among the most affected
Crypto Majors slipped again during the European morning with some of the predominant altcoins and meme coins leading the plunge. SOL and DOGE have been among the worst hit, currently trading down 4.5% and 10% in the last 24 hours. Bitcoin fell below $66,000 to around $65,300, down 0.9%, while ether is down more than 3.25% at $3,400. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is down just over 3% in the past 24 hours. Bitcoin ETFs also continued their woeful journey, seeing outflows worth $145 million on Monday.
DOGE bulls liquidated $60 million in long trades on Monday, a result worse than its BTC counterpartsan unusual event in the cryptocurrency futures market. These numbers mark the biggest hit DOGE has suffered since May 2021. Long BTC bets lost $47 million and ETH suffered worse than either at $76 million. Overall, long cryptocurrency positions 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 ratio tracking DOGE futures shows traders are positioning for further declines, with the ratio at 0.94 – indicating a bearish bias.
Layer 2 blockchain ZKsync launched its airdrop on Mondaywith 45% of tokens claimed in less than two hours. The ZK token opened at $0.31 and is down about 32% since then, according to CoinGecko data. The market capitalization stands at approximately $800 million, based on circulating supply, with approximately 3.7 billion tokens eligible for distribution. On a fully diluted basis, the market capitalization would be $4.5 billion. Cryptocurrency exchanges Binance, Bybit and KuCoin have currently listed the ZK token, although Binance had announced that it would postpone the listing after experiencing technical issues with its node.