Market Decline Wipes Out $300M in Bullish Bets, with Cardano and XRP Leading the Losses Among Large-Cap Coins

Bitcoin Dips Below $100K, Triggering Market-Wide Losses and $300M in Liquidations

The cryptocurrency market stumbled as bitcoin (BTC) fell below the $100,000 milestone during European trading hours on Monday, erasing its brief breakthrough into six-figure territory. The downturn rippled across the market, with major and mid-cap tokens facing significant declines.

Bitcoin’s 2% drop from its recent high sparked a sell-off among leading cryptocurrencies. XRP, dogecoin (DOGE), and Solana’s SOL shed up to 5.5%, while Ethereum’s ether (ETH) and BNB Chain’s BNB slipped 2.5%. Cardano’s ADA saw the steepest drop, falling 7%, compounded by news that the Cardano Foundation’s X account was temporarily compromised on Sunday.

The market’s losses led to over $300 million in long positions being liquidated. Futures tied to smaller altcoins and meme tokens, including DOGE and SHIB, experienced sharper declines than BTC and ETH futures, a deviation from typical market patterns. Binance recorded the largest single liquidation, a DOGE futures trade worth $5.53 million.

The CoinDesk 20 (CD20) index, which tracks the largest cryptocurrencies by market cap, fell by 3.6%. Mid-cap tokens performed even worse, with some losing as much as 10%, according to Coingecko data.

QCP Capital, a Singapore-based trading firm, predicts a rangebound market for the foreseeable future. “We remain structurally bullish, but price action will likely stay in a range through the holiday season,” QCP said in a Monday Telegram broadcast. “Historically, ETH has only achieved new all-time highs in January of the post-halving year. Options markets reflect this sentiment, with ETH risk reversals skewed toward calls starting next January.”

The inability of bitcoin to sustain its $100,000 level is raising concerns about broader market momentum. “Bitcoin’s struggle to consolidate above $100K is dampening optimism across the crypto market,” said Alex Kuptsikevich, chief market analyst at FxPro, in an email to CoinDesk.

Currently trading just below $99,000, bitcoin has seen minimal movement overnight, with its stagnation weighing on altcoins. However, Kuptsikevich sees the pullback as a potential reset for the market. “This correction may help shake off short-term overbought conditions, paving the way for a more sustainable rally,” he explained.

Looking ahead, Kuptsikevich suggested that bitcoin’s next upward leg could aim for the $120,000 range, supported by Fibonacci extension levels. “The pause might be just what the market needs to build stronger momentum in the coming weeks,” he concluded.