Crypto markets have experienced a slight decline following a strong rally at the beginning of the week, fueled by optimism surrounding the potential approval of a Bitcoin ETF.
In the past 24 hours, Bitcoin has dropped by 3%, while ETH is trading 3.5% lower at $1,800. This consolidation comes after Bitcoin reached a 17-month high of $35,900 on November 1, coinciding with the 15th anniversary of the Bitcoin whitepaper.
Meanwhile, the GBTC discount, which represents the difference between the value of a GBTC share and the underlying Bitcoin, continues to narrow as investors anticipate the conversion of Grayscale’s closed-ended fund into an ETF.
Solana’s SOL token has experienced a 9% decline today, but it remains up by 20% in the past week due to positive news from the Breakpoint developer conference.
img,[object Object]
Most of the top 100 digital assets by market capitalization have dropped in the past day, except for CRO (Crypto.com exchange token), MNT (ByBit-backed Ethereum Layer 2 network token), and Cardano’s ADA token.
$180M In Liquidations
As of 2pm ET, more than $180M worth of leveraged positions have been liquidated in the past 24 hours, causing turmoil for traders on both sides of the market.
Prior to the market decline, high funding rates on perpetuals exchanges indicated that retail traders were leveraging their positions to chase the rally.
Some market participants warned that sentiment was outpacing the actual price action.
Biggest Losers
The RLB token of the crypto casino Rollbit experienced a 14% decline today, the largest among the top 100 digital assets. Decentralized graphics solution RNDR and memecoin PEPE also dropped by 12%.
Prominent projects Aave, Fantom, Lido, Arbitrum, Optimism, Synthetic, and Chainlink all saw losses ranging from 7% to 10%.
