$157 Million in Liquidations Likely Triggered Bitcoin, Ethereum Price Plunge; Meme Coins See Gains Despite Correction
• Nearly $157 million in derivatives positions were liquidated within an hour on Tuesday, likely causing the sharp Bitcoin and Ethereum price declines.
• The crypto options market had signaled the potential for a correction in Bitcoin and Ethereum prices prior to the spot market decline.
• Analysts expect Bitcoin and Ethereum prices to trade sideways for a time following the sharp correction.
• Solana-based meme coins like Catwifbag, Book of Meme, and Tombili the Fat Cat posted double-digit gains despite the market-wide correction.
• Meme coins often see gains during corrections in large crypto assets, but also tend to see sharp sell-offs, so they carry higher risk.