$300M in Bullish Positions Liquidated as Cardano and XRP Suffer the Biggest Drops Among Major Cryptocurrencies

Bitcoin Falls Below $100K as Market Slump Triggers $300M in Liquidations

The cryptocurrency market began the week on shaky ground, with bitcoin (BTC) failing to maintain its position above $100,000 after briefly reaching the milestone. The pullback rippled through the market, dragging down major and mid-cap tokens and wiping out over $300 million in bullish bets.

Bitcoin dropped 2% during European trading hours, leading to steep losses across the board. XRP, Solana (SOL), and dogecoin (DOGE) declined by up to 5.5%, while ether (ETH) and BNB Chain’s BNB shed 2.5%. Cardano’s ADA was hit hardest, plunging 7%, partly due to the temporary compromise of the Cardano Foundation’s X account over the weekend.

The CoinDesk 20 (CD20), an index tracking the largest cryptocurrencies by market capitalization, fell 3.6%. Mid-cap assets fared even worse, with some dropping as much as 10%, according to data from Coingecko.

Liquidations spiked during the downturn, with futures tied to smaller altcoins and meme tokens seeing disproportionate losses compared to BTC and ETH futures. Binance recorded the largest single liquidation, a $5.53 million DOGE futures position, highlighting the volatility in speculative assets.

Singapore-based QCP Capital suggested the market may remain in a consolidation phase through the holiday season. “Although we retain a structurally bullish outlook, spot prices are likely to range until January,” QCP stated in a Telegram broadcast. “Historically, Ethereum does not reach new all-time highs until the January following a bitcoin halving year. Options markets are reflecting this sentiment, with ETH risk reversals skewed toward calls starting early next year.”

Bitcoin’s retreat below $100,000 has dampened optimism for a sustained rally. “Bitcoin’s inability to hold above $100K is curbing enthusiasm across the broader market,” FxPro Chief Market Analyst Alex Kuptsikevich noted in a Monday email to CoinDesk.

Despite the dip, Kuptsikevich sees potential for a healthier market in the near term. “This correction could help alleviate overbought conditions, setting the stage for a more robust and reliable upward move,” he explained.

Looking ahead, Kuptsikevich identified the $120,000 range as a potential target for bitcoin’s next rally, citing Fibonacci extension levels as a technical basis. “The current pause might be what’s needed for the market to regain momentum and build a more sustainable trend,” he concluded.