Crypto Chaos: $400M Liquidations Rock Markets as Bitcoin and Major Tokens Take a Dive

Major cryptocurrencies experienced a significant decline in the past 24 hours, with Bitcoin leading the slide by falling 5%. Other major tokens such as Ethereum (ETH), Cardano's ADA, and Binance Coin (BNB) also recorded similar losses. The drop in prices resulted in over $400 million worth of long positions being liquidated, while short positions faced a relatively smaller liquidation of $85 million. Analysts attributed the selling pressure and subsequent liquidations to a stronger US dollar and caution in broader markets towards riskier assets. Notably, Solana (SOL) dropped 7% to $185 after briefly touching $200, while Dogecoin (DOGE) saw a more than 8% decline. Bitcoin Cash (BCH) fell by 10% amid profit-taking following a recent 40% rally ahead of its expected halving event on April 4. Analysts at Bitfinex suggested that Bitcoin is likely to remain range-bound in the coming weeks as long-term investors engage in strategic profit-taking and consolidation.