Ripple (XRP), Dogecoin (DOGE) fall 10% as cryptos go down | KryptoSlate
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The market fell ahead of a massive option expiration on Friday, with several large caps falling 10%.
August 25, 2021 at 5:00 p.m. UTC · 2 minutes read
The top cryptos fell over 5% today as the broader market took a hit ahead of the $ 2 billion bitcoin options expiry on Friday, data from multiple sources shows.
Leading the red charts were Ripple (XRP), Dogecoin (DOGE), and Solana (SOL), each falling over 10%, losing billions of dollars in their respective market caps in a matter of minutes.
As per Data on CryptoSlate, the crypto market this morning lost -4.8% of its market cap of $ 2.1 trillion. Bitcoin (-3%) and Ethereum (-4%) recorded compared to more popular alts like Cardano (-7%), Polkadot (-8%) and Solana (-13%).
Liquidations reach $ 589 million
Liquidation data for the on-chain research tool Bybt showed that over $ 589 million worth of crypto positions were lost to the exchanges as the market moved against what most traders had bet on.
“Liquidations” occur for the layman when leveraged positions are automatically closed as a “safety mechanism” by stock exchanges / brokers. Futures and margin traders – who borrow capital from exchanges (usually in multiples) to place larger bets – provide a small amount of collateral before placing a trade.
Bitcoin traders took over a large part of all liquidations last day, with trading positions worth $ 200 million destroyed. Next came Ethereum traders with $ 113 million in liquidations, with Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE) traders in damages of $ 49 million, $ 28 million, and $ 24 million -Take dollars.
86% – or $ 511 million of all liquidations – of all traders were “long”, which means they were betting on higher asset prices.
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