As a researcher with extensive experience in the crypto market, I find the recent data on liquidations deeply concerning. The fact that over $675 million worth of crypto was liquidated within the last 24 hours alone is a clear sign of the market’s instability. Long positions accounted for the majority of these liquidations, with Bitcoin leading the pack with $184 million in long positions and $41 million in short positions being wiped out.
Based on information from CoinGlass, approximately $675 million in cryptocurrency was liquidated within the last 24-hour period.
Long positions account for the lion’s share of liquidated positions ($578 million).
More than $227 million worth of crypto has been liquidated over the past four hours alone.
In the current turmoil of the cryptocurrency market, a massive liquidation occurred on Binance, resulting in a loss of approximately $18 million for an individual trader.
In simple terms, Bitcoin experienced the largest liquidation event with a total value of $225 million from both long and short positions being eliminated. Following closely behind are Ethereum with $125 million in liquidations and Solana at $46 million. Notably, Dogecoin made it into the top 5 with significant liquidations as well.
Among various crypto trading platforms, Binance holds the top position with a staggering $343.41 million in total liquidated cryptocurrencies. Following closely are OKX and Huobi, with $171 million and $71 million in liquidated cryptocurrencies respectively.
According to U.Today’s latest report, the recent cryptocurrency market downturn has been intensified by a large-scale transaction originating from Mt. Gox, the defunct crypto exchange. This transfer is part of the Bitcoin redistribution plan disclosed last month. The market is currently experiencing intense selling as investors fear that many creditors could be dumping their holdings.
Over the past day, Bitcoin has experienced a decline of over 8%, reaching its lowest point in the last 5 months at $53,350. Concurrently, notable cryptocurrencies such as Solana have suffered double-digit percentage drops.
“The latest stock market drop resulted in a significant wave of selling, reminiscent of the massive liquidations following the collapse of the FTX exchange towards the end of 2022.”
As a researcher studying the cryptocurrency market, I’ve come across the pseudonymous trader DonAlt’s prediction that the price of the leading cryptocurrency may not surpass the $60,000 mark again for some time. Additionally, he has expressed confidence in his assessment that the current price peak might have already occurred.
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2024-07-05 09:20