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BTC suddenly big dumped after hovering at $97,748 per coin early this morning, and the price fell to $94,249 in just a few minutes. The chain reaction of the price fall has plunged the entire cryptocurrency market into crisis, and many other assets have been hit even harder.
XRP has fallen by more than 11%, SOL has fallen by 6.5%, BNB has fallen by 7.48%, DOGE has fallen by 8.92%, PNUT and DYDX have experienced significant drops of 22% and 21% respectively.
However, the analysis found that the mainstream coins accounted for a relatively small proportion in the clearing of the Derivatives market caused by this decline, while AltCoins accounted for nearly two-thirds of the total clearing amount. As AltCoins were the first to be liquidated, this event highlights the importance of Risk Management strategies in the Derivatives market. According to the Alt Season Index (ASI) from BlockchainCenter, the index has fallen below the 75 threshold, currently dropping to 69.