Polkadot Leads Altcoin Losses After Bitcoin Is Rejected at $52K
  The latest moves in crypto markets, in context Edited by Bradley Keoun (Substituting for Omkar Godbole) December 28, 2021 Sponsored by  If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves By Shaurya Malwa Bitcoin failed to hold above $52,000 after briefly breaking through the resistance level on Monday, and slipped below $49,500 in early European hours on Tuesday, pulling the broader market lower.
Leading losses among the top 10 cryptocurrencies by market capitalization were Polkadot's DOT tokens, which fell 8% in 24 hours after being a top gainer on Sunday. Others such as Solana (SOL), Cardano (ADA) and XRP averaged losses of 3.4%, while binance coin (BNB) gained 0.4%.
A catalyst for DOT's upward price movement last week was the start of the second batch of parachain auctions on the Polkadot network. Parachains are distinct blockchains that run atop the main Polkadot network. Polkadot, however, has a limited number of openings available. To gain access, a parachain has to win a community-run auction that uses DOT to vote for slots, leading to increased demand for the cryptocurrency.
The drop in crypto markets prompted almost $300 million in liquidations across several crypto futures, data from analytics tool Coinglass showed. More than 109,000 traders' positions were liquidated in the past 24 hours.  Coinglass chart shows uptick in liquidations after Monday's price drop. (Coinglass)
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Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Top Gainers: There are no gainers in CoinDesk 20 today. Top Losers:
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
Technician's Take By Shaurya Malwa  RSI Signals Retreat From Overbought Conditions  Lower chart shows bitcoin's relative strength index sliding – suggesting a retreat from overbought conditions. (TradingView)
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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