Markets Plunge as Altcoin Liquidations Surpass $440 Million

The overall cryptocurrency market capitalization fell to $2.45 trillion, with nearly all of the top 100 digital assets posting losses in the past 24 hours.

Cryptocurrency markets fell for a second day, with the total market capitalization falling 3% amid leveraged liquidations of hundreds of millions of dollars.

Bitcoin fell by 2%, while Ethereum fell by 3%. Polkadot and Solana fell 6%.

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Altcoins are having a particularly tough day, with major tokens such as FTM, ENA, SUI and UNI recording losses of between 13% and 17%. Meanwhile, Bitcoin dominance rose above 56% for the first time since March.

Settlements exceed $440 million

Second CoinGlassIn the last 24 hours, 161,137 traders were liquidated, for a total of $443.93 million. ETH suffered long liquidations of $75 million, while Bitcoin was hit by $47 million.

Digital asset firm 10xResearch has highlighted a correlation between the collapse of altcoins and a decrease in spot flows of Bitcoin ETFs over the past week.

“The market poorly digested the large token unlocks from Aptos $97 million, IMX $51 million, STRK $75 million, SEI $62 million, ARB $90, APE $18 million and UNI $90 million, totaling $483 million. Early investors and VC investors appear under pressure to cash out. These flows are dragging BTC down,” the firm said noticed.

Data from Farside indicate that on June 17, spot Bitcoin ETFs recorded outflows of over $145 million.

Crypto analyst Michael Van de Poppe believes that cryptocurrency markets continue to decline, as we are approaching the final phase of capitulation for altcoins.

“It’s part of the cycle and I’ve already witnessed it in 2020,” he said She said.

Meanwhile, U.S. stock markets remained virtually unchanged Tuesday morning as investors assessed the economy following weak retail sales data. Retail sales rose 0.1% in May, slightly below the 0.2% growth forecast by economists polled by Dow Jones. On an annual basis, sales increased by 2.3%.

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