Market panic has gripped the crypto space with an influx of new players. market-wide crash that has shaken Bitcoin And altcoins. Tens of thousands traders lost positions as the Bitcoin price continued to drop from its support levels. This led to losses of hundreds of millions in the past day.
Crypto Market Liquidations Exceed $290 Million
Last 24 hours the Bitcoin price This has caused the market to crash, falling as low as $57,000 and then recovering. The damage is already done. Long traders have suffered the most in the past day.
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As per data Coinglass reports that there have been crypto liquidations worth $292.8 millions in the past day. A total of 105,458 traders, including 88.61% long traders, have been liquidated. Most of these liquidations occurred in the past 12 hours, after Bitcoin dropped from $61,000 down to $57,000. This resulted in $204.97 millions in liquidations.
Bitcoin has generated $91.7 Million in revenue. liquidationsEthereum is the second largest cryptocurrency with a value of $69.86 million. liquidations. Huobi’s crypto exchange lost $10.49m on a single call to liquidate the BTC/USD pair.
Binance is the biggest crypto exchange on the planet. Its liquidations totaled $122,67 million. OKX and Huobi are the second-largest exchanges, with liquidations of $89.83 millions each. Bybit, CoinEx and CoinEx come in at fourth and five place with respective amounts of $23,04 and $9.42 millions.
Bitcoin recovery could change the trajectory of liquidations
In addition to what was mentioned earlier, most of the liquidations on the cryptomarket have come from long positions given the fact that there are so many traders. Bitcoin price has continued to crash. The price is showing signs of a bounce-back. rising above $57,900 Shorts have already begun to heat up.
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Coinglass shows that the number of long-term liquidations has fallen by 88.61% over the past 24 hours, to just 56.48% within the last hour. Short traders who are pushed by the current bearish trend could see more losses if the price rises.
Although positive sentiment has been eroded by the economy, there is still a lot of optimism. Bitcoin daily trading volume It has now risen by 50%, to $37.59 Billion. Bulls appear to have developed support so far. This is a point that should be held if you want the recovery to continue.
Bitcoin currently trades at $57,909 with a decline of 3.87% in the past day. On the weekly chart, it’s currently down by 5.23%. And on the month chart, the price is 15.95% lower.
Featured image was created using Dall.E chart, from Tradingview.com
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Source: www.newsbtc.com