As an experienced financial analyst, I find the recent market turbulence in the crypto space quite intriguing. With a staggering $309 million in liquidations within the past 24 hours, it’s clear that traders have been facing significant losses. The majority of these liquidations came from long positions, which further underscores the market’s bearish sentiment.
Based on information from CoinGlass, approximately $309 million in cryptocurrency was liquidated within the last 24-hour period.
Long positions account for the vast majority of these liquidations ($272 million).
As a researcher studying significant events in the cryptocurrency market, I’ve come across an intriguing finding: The largest recorded daily loss occurred on Binance, amounting to a staggering $15.36 million for an unfortunate trader.
With a trading volume leadership of $122.36 million, Binance stands out as the top exchange for total liquidations. Following closely are OKX and Huobi, recording liquidations of $86.4 million and $48.8 million, respectively.
As a researcher studying the cryptocurrency market, I came across some noteworthy developments earlier today. The value of the leading digital currency dipped to a low point of $60,700 during intraday trading, causing a series of forced sales or liquidations in the process.
Many individuals involved in cryptocurrency trading were taken by surprise when Mt. Gox, the collapsed exchange, revealed its intention to initiate reimbursements the coming month. This unexpected news contributed to the significant decline of Bitcoin on that Monday.
Victims of the 2014 hack who are still holding assets from Mt. Gox may feel compelled to sell due to their experiences. However, it’s important to note that a significant amount of these claims have already been sold in secondary markets over the years. Consequently, the current demand to sell might be more than what is actually needed in the market.
The potential fluctuation might additionally be attributed to the impending release of significant PCE inflation data, scheduled for this coming Friday. This important economic indicator could significantly impact the US Federal Reserve’s determination regarding interest rate reductions.
As a researcher studying the Bitcoin market, I’ve noticed an intriguing development: TheRelative Strength Index (RSI) for Bitcoin on the daily chart has dipped into oversold territory. This finding implies that the cryptocurrency may be due for a rebound in the coming days as investors’ sentiment towards Bitcoin has turned excessively bearish.
Over the past two years, the daily Relative Strength Index (RSI) for Bitcoin has dipped into oversold territory on three occasions. Following each of these instances, Bitcoin’s price experienced significant rallies, increasing by approximately 60%, 63%, and an impressive 198% respectively. With Bitcoin currently trading below $62,000 and the RSI showing signs of being oversold once more, this could represent a promising moment to consider purchasing at a lower price.
— Ali (@ali_charts) June 24, 2024
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2024-06-24 19:33