The cryptocurrency market started the week with a significant decline. Bitcoin’s drop below $100,000 in the last 24 hours triggered sharp declines among most major altcoins. Solana 
$170 (SOL) and Dogecoin 
$0.230018 (DOGE) experienced declines exceeding 10%, while Ethereum (ETH) 
$2,548, BNB, XRP, and Cardano 
$0.756644 (ADA) lost nearly 9% in value. Overall, the market saw a total loss of approximately 8.5%, with $870 million in positions liquidated in leveraged trading.
Factors Behind the Decline
Uncertainties in the global economy and high leveraged positions are cited as the main reasons for the drop. In futures markets, $238 million in Bitcoin 
$107,226 products, $84 million in Ethereum, and $138 million in other altcoins were liquidated. Notably, Solana and Dogecoin saw a total liquidation of $50 million. A single closure of a $98.4 million Bitcoin position on the HTX exchange marked the largest recent liquidation event.
Market experts suggest that such sharp declines indicate a cleanup of overly optimistic positions. They emphasize that liquidations concentrated at specific price levels could create short-term support or resistance points. However, if the downward trend continues, warnings are issued that short positions may increase, leading to continued volatility.
Important Signals for Traders
The wave of liquidations signals that the cryptocurrency market may be overly inflated. Experts urge traders using leverage to tighten their risk management. Additionally, some analysts predict that after severe sales, buying opportunities may arise, leading to a potential technical recovery.
Another noteworthy aspect of the market is the performance of JUP coin. Jupiter’s announcement to buy back tokens from the market through trading fees is viewed as a significant step that could create hundreds of millions of dollars in purchasing power annually. This move enhances trust in the project’s token economy and may serve as an example for other altcoin projects.
