Shitcoin Market Tumbles by 20% in Extreme Flash Dip, Mainstream CEX Funding Rates Experience Across-the-Board Cooling Off

BlockBeats News, December 10, according to market data, as Bitcoin dropped to $94,000, altcoins experienced an extreme market event known as a "dip-and-rip," including:

· Ethereum hit a low of $3,509 and is now trading at $3,706, a 7.15% decrease in the last 24 hours

· SOL hit a low of $203 and is now trading at $218, a 7.35% decrease in the last 24 hours

· SAGA hit a low of $1.8 before spiking to $2.67, and is now trading at $2.09, a 24% decrease in the last 24 hours

· 1INCH hit a low of $0.4 and is now trading at $0.477, a 23.6% decrease in the last 24 hours

· ORCA hit a low of $4.03 and is now trading at $4.72, a 23.5% decrease in the last 24 hours

· CATI hit a low of $0.4 and is now trading at $0.46, a 23.3% decrease in the last 24 hours

· HMSTR hit a low of $0.0028 and is now trading at $0.00349, a 23% decrease in the last 24 hours

· NOT hit a low of $0.00615 and is now trading at $0.0076, a 22.48% decrease in the last 24 hours

According to Coinglass data, after this extreme dip-and-rip event, mainstream CEX contract funding rates have cooled down across the board, and they have now returned to normal levels. The majority of altcoin contract funding rates have dropped below 0.005%, entering a "broadly bearish" level. Some altcoin contract rates on certain CEXs have even gone negative.