Cryptocurrencies dropped Thursday, with bitcoin (BTC), which fell below $25,000, and XRP (ada) and Cardano (ADA), Cardano’s ada, extending their 24-hour losses to up to 7.4%. CoinGecko’s data shows that the total market capitalization has dropped by 3.8% over the last 24 hours.

Some traders believe that bitcoin prices could fall as low as $23,500, based on price-chart analyses.

Alex Kuptsikevich is a senior analyst at FxPro and he wrote to CoinDesk that Bitcoin had retreated from local resistance levels between August of last year and February this year. “The bulls might try to hold off the sell-off at this level, but it is still in the descending channel which has been in effect since April.”

A descending channel is a bearish movement in an asset, characterized by lower highs for short-term timeframes.

Kuptsikevich said that “more significant support for Bitcoin is near the 200 day average, now at $23.6K. And pointing higher.”

ADA has dropped more than 20% over the last week, after it was named as a security along with 12 other crypto tokens in a U.S. Securities and Exchange Commission lawsuit against Binance and Coinbase.

XRP lost all its gains after a recent surge as the markets digested “Hinman emails”. that were released in a Ripple labs filing on February 2. In connection with the SEC lawsuit against Ripple, the emails of William Hinman were made public.

The 24-hour performance of Ether (ETH) was 6.4% lower than the other majors. $57 Million of the total $143 Million in crypto-tracked Futures were liquidated by ether-tracked contracts.

When an exchange closes a trader’s leveraged position because the trader has lost a portion or all of their initial margin, it is called liquidation. A trader may be unable to meet margin requirements, i.e., have insufficient funds, to maintain a leveraged trade. Liquidations in large quantities can indicate the top or bottom local price movement, allowing traders to adjust their positions accordingly.

The market sentiment was further spooked by general bearishness , and an abnormal number of tether stablecoin (USDT), sales on the Decentralized Finance (DeFi) Protocol Curve Finance.

USDT balances in Curve’s 3pool, which is a stablecoin exchange pool consisting of USDT (also known as USDT), USDC (also known as USDC), and DAI (also called DAI), rose to 72% on Thursday morning, meaning traders have traded tens and millions of USDT for USDC (also known USDC) and DAI (also know DAI).

Sheldon Reback is the editor.