Summary
Bitcoin and Ethereum prices have dropped significantly, with Bitcoin down 7% and Ethereum down 10%. The global crypto market cap has contracted by 8%, falling below $2.5 trillion. Long positions by traders have been liquidated, with over $500 million worth of long positions and $100 million worth of short positions being liquidated across digital asset contracts. Meme coins have also seen significant losses, with Solana meme coins like Dogwifhat and Bonk dropping 22% and 19% respectively. Jupiter, a Solana DEX, has also seen its token drop 16% after pledging to help Slerf presale buyers who lost $10 million.
Key Points
1. Bitcoin has dropped 7% and Ethereum has lagged 10% in market value early Tuesday morning.
2. The global crypto market cap has contracted by 8% since yesterday, falling below $2.5 trillion after nearing its all-time high market capitalization last seen in early November 2021.
3. Long positions opened by optimistic traders have been liquidated due to the significant drops in Bitcoin and Ethereum prices, resulting in over $500 million worth of long positions and $100 million worth of short positions being liquidated across digital asset contracts.