Market Plunges 3.1% in Early Monday Sell-Off
The digital currency market was hit by a sudden sell-off during the Asia-Pacific morning session on Monday, triggering a brief but sharp downturn. The decline began at approximately 08:57 UTC+8, with the broad MarketVector Digital Assets 100 Index falling 3.11% to 13,136.96 points. The sell-off intensified over the next 30 minutes, establishing an intraday low at 09:24 UTC+8 before a gradual recovery started.
The downturn was widespread, affecting various market segments. The MarketVector Digital Assets 100 Small-Cap Index dropped 2.44%, hitting a low of 2,569.76 points before rebounding to a daily high of 2,715.68 later in the day. The Mid-Cap Index saw a more moderate decline of 1.89%. However, the broad market index failed to completely erase its losses from the event, indicating that selling pressure persisted despite the V-shaped bounce.
Solana Leads Losses With 5% Drop as Bitcoin Slips
Major cryptocurrencies recorded significant losses in the flash crash, with Solana (SOL) bearing the brunt of the selling pressure. The high-performance blockchain's token fell 4.98%, outpacing declines in other large-cap assets. Bitcoin (BTC) dropped 2.96% to trade at $65,386, while Ethereum (ETH) mirrored its performance with a 2.92% decrease to $1,885.54.
Other established tokens saw more modest declines, suggesting the sell-off was not uniform. XRP fell 1.16%, and Dogecoin (DOGE) registered a minimal drop of 0.35%. The varied performance indicates that higher-beta assets experienced greater volatility during the rapid deleveraging event.
