Bitcoin, Dogecoin, all coins fall amid sudden crypto market pullback

The crypto market took a turn for the worse today yet again as literally all top 100 cryptocurrencies—except stablecoins—have plunged into the red zone across the board.

At the time of writing, Bitcoin (BTC) slipped below the 32,000 mark, trading at around 31,900, down 3.5% on the day, according to crypto metrics platform CoinGecko.

Ethereum (ETH), the second-largest token by market capitalization, dropped even further. The price of ETH dipped below the important psychological level of $2,000 and retreated back to $1,890. Not only is the token down 6.1% over the past 24 hours, but it’s also facing a weekly decline of 18.6%.

Other digital assets from the top 10 are showing similar results. Binance Coin ($293.9, -6.0%), Cardano ($1.22, -7.0%), Ripple’s XRP ($0.599, -6.1%), Dogecoin ($0.188, -6.7%), and Polkadot ($13.39, -9.2%) have all lost over 5% of their prices in the past 24 hours.

DeFi tokens follow the trend

Despite their seemingly strong rally over the last two weeks, decentralized finance (DeFi) tokens are following the rest of the crypto market today. The sector as a whole is down 6.96% on the day and lost 16.93% over the week, according to CryptoSlate’s DeFi Coins chart.

Individually, popular DeFi tokens such as Uniswap ($17.12, -10.53%), Chainlink ($16.22, -7.63%), Aave ($258.8, -10.78%), Maker ($2,429, -5.93%), Compound ($367.35, -9.71%) and many others are either already posting two-digit losses or getting dangerously close.

Notably, only Kyber Network’s token—KNC—is sitting quite comfortably on a daily gain of 7.55%, trading at around $2.617.

Hundreds of millions liquidated

Meanwhile, the latest market dip resulted in roughly $375 million worth of trading positions liquidated in a day, according to crypto charts platform ByBit. Liquidations are a safety mechanism that automatically closes leveraged trading positions—essentially when users borrow money from exchanges to trade—when the market goes against them by a certain margin.

Over the past 24 hours, a total of 375.15 million worth of leveraged trading positions was forcibly liquidated. Unsurprisingly, 88.85% of them were long, meaning that those traders were betting on the price of Bitcoin and other cryptos to go up—but it looks like the market had other ideas.