The cryptocurrency market is witnessing a significant slide with bulls losing over $100 million in futures positions.
The ongoing Hamas-Israel conflict and a substantial ether (ETH) sale by the Ethereum Foundation have impacted the wider crypto markets. Bitcoin (BTC) has shown signs of stability compared to other tokens, losing only 1% in the past 24 hours and maintaining above the critical support level of $27,500.
Trading firm FxPro analysts revealed that they are closely monitoring for a break of the $28,000 level for bitcoin before turning bullish. They noted, “Technically, bitcoin remains in an uptrend but ran into resistance at its 200-day moving average over the weekend.”
On the other hand, ether fell 3% as the Ethereum Foundation offloaded $2.7 million worth of tokens on Monday, causing trader concern. This development has affected ETH futures markets, with ether bulls losing over $30 million, the highest among all crypto traders.
In addition, Solana’s SOL tokens slid almost 5%, XRP dropped 3.7%, and Cardano’s ADA fell 3.4%. The CoinDesk Market Index (CMI), which tracks hundreds of tokens, fell 1.9%, indicating overall losses for traders.
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