Why Avalanche, Cardano, and XRP Plunged Today
In a rather dismal way to end the week, most major cryptocurrencies took a plunge on Friday, with the overall crypto market losing 8% of its market capitalization in short order this morning. As of 12:15 p.m. ET, top tokens Avalanche (CRYPTO: AVAX), Cardano (CRYPTO: ADA), and XRP (CRYPTO: XRP) each saw more substantial losses, plunging 11.3%, 13%, and 10.6%, respectively, over the past 24 hours.
Few explanations exist for this morning's flash crash, which saw the majority of these losses take place in just minutes during Asian trading hours. However, a surge in long liquidations in the crypto derivatives market has prompted concerns that significantly leveraged positions could be at the crux of this sectorwide decline today.
This move across most major tokens followed broad-based selling in equity markets tied to a massive $2 trillion options expiry today, and what appears to be pervasive concerns about the sustainability of this rally moving forward.
Source Fool.com
