Bitcoin, which has fallen to $52,000 in value, has seen a drop of $1 billion since the previous day.
Bitcoin’s Price Has Dropped By Over 15% In The Past 24 Hours
Bitcoin has been a surprise to investors on the first day of trading, after it fell by 12%. crashed By more than 15 percent, the price of this vehicle has risen to $51,500.
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This chart illustrates the latest trajectory for an asset.
The graph shows that this latest steep drop in BTC is only an extension of the downward trend the asset has already experienced since July’s last few days.
The cryptocurrency had dropped by 26% within a week. Bitcoin’s price is back at the level it was before the February rally that led to a new All-Time High (ATH).
Altcoins in general have had it worse than BTC during the last day. The three biggest coins are Ethereum (ETH), BNB(BNB),and Solana(SOL). next The original, Tether, as well as the other stablecoins, have seen losses that are higher by 23%, 19%, and 21% respectively.
It’s no surprise that the long-term investors on the derivatives market have suffered a major blow with the prices of all sectors falling.
The majority of crypto liquidations are long contracts
Data from the previous 24 hours shows that the markets for derivatives have been in chaos due to recent volatility. CoinGlass The image below is an example.
The table shows that a staggering $1.1 billion worth of cryptocurrency derivatives have been liquidated in the last six months.LiquidationThis is the term used to describe when a platform closes a contract after it accumulates losses.
The vast majority of liquidations (around 85%) involved holders who held the stock for a long time. The market is experiencing a major crash, which has led to this natural outcome.
It’s interesting to note that despite the steep drop, $173,000,000 in shorts were liquidated. This is not a tiny amount. This would suggest that many investors made their short bets after the crash.
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Bitcoin and Ethereum, as individual symbols, have both contributed in a similar way to mass liquidations, with liquidations totaling $367 and $350 millions, respectively.
BTC has the advantage, although it is only by a very small margin, as is normal. The recent launch of the Ethereum network may have been the cause for the high liquidity in ETH. spot exchange-traded funds (ETFs) The second biggest coin by market cap had received more attention.
Chart from TradingView.com. Image from Dall-E.
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Source: www.newsbtc.com