Bitcoin Flat While Ethereum, XRP Lead Over $950 Million Crypto Liquidation Wave

Bitcoin (BTC) traded sideways in U.S. pre-market hours on Thursday as the rally seen in cryptocurrencies last week amid ‘Crypto Week’ continued to cool off. 

Among major cryptocurrencies, Ripple’s native token XRP (XRP) led the slide, followed by meme token Dogecoin (DOGE) and Cardano (ADA).

The sharp decline in token prices resulted in $956.33 million in liquidations over the last 24 hours, according to Coinglass data. More than $810 million came from long positions – traders betting that the price would rise. Ethereum (ETH) traders were hit hardest in the selloff, with $197.78 million in liquidations. XRP followed at $114.41 million, while Bitcoin liquidations amounted to just $80.97 million.

Bitcoin’s price edged 0.1% lower over the past day. On Stocktwits, retail sentiment around the apex cryptocurrency dipped to ‘bearish’ from ‘neutral’ territory a day ago.

XRP’s price tumbled more than 10% in the last 24 hours, while Dogecoin’s price dipped by 8.4% followed by Cardano’s price falling 7.6%. While retail sentiment on Stocktwits around all three altcoins trended lower, it was more upbeat than that of Bitcoin. 

Retail sentiment around XRP and Cardano was in the ‘bullish’ zone, down from ‘extremely bullish’ a day ago, while sentiment around Dogecoin moved lower but remained in ‘extremely bullish’ territory over the past day. 

Ethereum (ETH), the second-largest cryptocurrency by market value, was down 1.3% over the past day. Solana (SOL) also experienced a nearly 7% decline in the last 24 hours. 

Crypto-linked stocks were mixed in pre-market trade on Thursday. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.02% lower in pre-market trade after dipping more than 3% in the previous session. Retail sentiment around Strategy’s stock fell to ‘neutral’ territory from ‘bullish’ a day ago. 

Shares of crypto exchange Coinbase Global (COIN) dipped 0.33% in early morning trading, while Robinhood (HOOD) gained 0.5%. Bitcoin miners Riot Platforms (RIOT) and Marathon Digital (MARA) were also in the red. Riot’s stock fell 0.7% while Mara’s stock was down 0.1% in pre-market hours. 

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