The broader crypto market struggled today.

Since yesterday afternoon, the price of the meme token Dogecoin ( DOGE -9.06% ) is trading 8.6% lower as of 10:31 a.m. ET today. There is no obvious reason behind the move, but the broader crypto market seems to be struggling due to large liquidations.

A Sunday night trend

According to a markets-based newsletter called the Kobeissi Letter with nearly 1 million followers on X, over $1 billion of long positions on Bitcoin , the world's largest cryptocurrency, were recently liquidated after Bitcoin's price began to fall. The Kobeissi Letter said it has been tracking this trend for over a year and large Sunday-night sales have become common.

"As we frequently see during the Sunday night session, low liquidity has led to a large wash-ou

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