{"id":6591,"date":"2025-01-08T07:18:36","date_gmt":"2025-01-08T07:18:36","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=6591"},"modified":"2025-01-08T07:18:36","modified_gmt":"2025-01-08T07:18:36","slug":"dogecoin-slumps-10-amid-bitcoins-slide-to-96k-560m-long-positions-liquidated","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=6591","title":{"rendered":"Dogecoin Slumps 10% Amid Bitcoin’s Slide to $96K, $560M Long Positions Liquidated"},"content":{"rendered":"
\n

Dogecoin (DOGE) led losses among crypto majors as bitcoin (BTC) slid to nearly $96,000, a dump attributed to fresh economic data that sent U.S. treasury yields soaring.<\/p>\n

DOGE plunged 10%, with Solana\u2019s SOL, Cardano\u2019s ADA, BNB Chain\u2019s BNB and ether (ETH) down at least 7%. Bitcoin fell 5.5%, while the broad-based CoinDesk 20 (CD20)<\/a>, a liquid index tracking the largest tokens by market cap, fell 7.1%.<\/p>\n

Crypto-tracked futures betting on higher prices saw liquidation of $560 million, data shows<\/a>, setting a relatively high level at the start of the year.<\/p>\n

Losses in crypto tracked those in U.S. stocks. The latest Institute for Supply Management (ISM) report on U.S. service providers was stronger than anticipated, with the prices-paid measure reaching its highest point since early 2023.<\/p>\n

Concurrently, U.S. job openings rose more than forecasted. These developments led to a decline in Treasury securities across various maturities, pushing the 10-year Treasury yield to its highest since May.<\/p>\n

A liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to the inability to meet the margin requirements. When many traders are forced to sell at the same time due to long liquidations, it creates a cycle where falling prices lead to more liquidations, which in turn causes prices to drop more.<\/p>\n

As such, market watchers consider Tuesday\u2019s drop to be a blip in the long term.<\/p>\n

\u201cMarkets took a hit yesterday, with Bitcoin and Ethereum dropping hard, mostly because stronger-than-expected U.S. job data dimmed hopes for more rate cuts this year,\u201d shared Vince Yang, CEO and cofounder of zkLink in a Telegram message. \u201cIt\u2019s the kind of broader sentiment shift we\u2019ve seen before, nothing unusual for crypto.\u201d<\/p>\n

\u201cThat said, we are still optimistic. History shows these dips often pave the way for bigger bullish movements, especially with where we are in the market cycle now, and with a more crypto-friendly administration in the US coming in, there\u2019s every reason to believe we\u2019re heading for some exciting times ahead,\u201d Yang added.<\/p>\n

Singapore-based QCP Capital, however, sticks to their view of a shaky period for crypto markets in January.<\/p>\n

\u201cIt won\u2019t be smooth sailing into January, as structural risks loom,\u201d QCP said in a Telegram broadcast on Wednesday. \u201cThe U.S. Treasury debt ceiling reinstatement is projected to be reinstated mid-month, requiring the Treasury to adopt “extraordinary measures” to fund government expenditures.\u201d<\/p>\n

\u201cThis could trigger market volatility as discussions around the issue intensify,\u201d QCP added.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Dogecoin (DOGE) led losses among crypto majors as bitcoin (BTC) slid to nearly $96,000, a dump attributed to fresh economic data that sent U.S. treasury yields soaring. DOGE plunged 10%, with Solana\u2019s SOL, Cardano\u2019s ADA, BNB Chain\u2019s BNB and ether (ETH) down at least 7%. Bitcoin fell 5.5%, while the broad-based CoinDesk 20 (CD20), a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":1,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-6591","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6591"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/6591\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}