Asian Market Opens: BTC, ETH, SOL and Altcoins Plunge into Deep Red

• Cryptocurrency Market Experiences Volatility as Major Coins Trade in Red
• Recovery Trends in Ether and Solana
• Market Index and Liquidations
• Bitcoin and Ether Top the Liquidation Chart
• Predicted Correction in Bitcoin Prices

Cryptocurrency Market Experiences Volatility as Major Coins Trade in Red

Major cryptocurrencies, including Bitcoin$42,260 -0.64% (BTC), Ether (ETH), and Solana$104 5.03% (SOL), started the day with losses in the Asia trading session, indicating a volatile start to the week. Bitcoin experienced a drop of as much as 5% within 24 hours, going down to $41,300 from its previous value. Nevertheless, it managed to regain some ground, bouncing back to $42,000, as per the data from indices.

Recovery Trends in Ether and Solana

Ether also witnessed a decline, falling to a low of $2,170. However, it soon recovered partially, rising to $2,239. Similarly, Solana dipped to $66 before retracing back to $70. The majority of these losses occurred within the last 90 minutes, as per the time of reporting.

Market Index and Liquidations

The Market Index (CMI) decreased by 4%, reaching 1,743. The Coinglass data revealed that the market saw over $335 million in liquidations within the past 12 hours, with $300 million in long positions being liquidated.

Bitcoin and Ether Top the Liquidation Chart

Bitcoin and Ether were at the forefront of the liquidation heatmap, with more than $89 million in Bitcoin positions and $74 million in Ether positions getting liquidated.

Predicted Correction in Bitcoin Prices

On-chain analyst Willy Woo speculated that the market might witness a correction in Bitcoin prices down to $39,700. The Bitcoin CME Gap at 39.7k is a scenario where Bitcoin's price on the Chicago Mercantile Exchange jumps, leaving a gap at $39,700. Historically, these gaps have typically been filled, suggesting the price often reverts back to this level. CME futures market for Bitcoin frequently sees price gaps due to its operating hours being synchronized with U.S trading hours, which leads to potential price variances at market open and close.

Edited by Jonathan Stoker