The cryptocurrency market is experiencing a downturn on Monday morning, with major coins like ETH and XRP seeing significant decreases. ETH is trading below $3K and has dropped by 4%, while XRP is down by 5% as bulls try to defend the $0.4 level. The heatmap shows that all large-cap altcoins are in the red, leading to nearly $300 million in liquidated leveraged positions. Most of these positions were long, with some short positions as well.
Meme coins have been hit hard, with the entire sector down by 10% in the past 24 hours. Major meme coins are also plummeting:
– DOGE is down by 6.4%
– SHIB is down by 4.8%
– PEPE declined by 10%
– WIF dropped by 9.5%
– BONK is down by 6%
– FLOKI is down by 6%
The Crypto Fear and Greed Index shows that the current market sentiment is fearful at 28 points, down from 53 last week and 72 last month. Investors are wary of potential selling pressure from creditors disposing of their recovered BTC and BCH from the Mt. Gox exchange. The exchange has started repaying its creditors after a decade-long saga.
In addition to the market downturn, there are some special offers for crypto traders. Binance is offering a $600 exclusive welcome offer for new accounts, while BYDFi Exchange has a limited offer of up to $2,888 as a welcome reward. Traders can take advantage of these offers by registering through the provided links.
Overall, the cryptocurrency market is going through a challenging period with widespread declines in major coins and meme coins. Investors are advised to stay informed and cautious during this volatile time in the market.