As a researcher with experience in the crypto market, I find the recent massive crypto liquidation event to be a cause for concern. With over $286 million worth of leveraged positions getting liquidated within 24 hours, it’s clear that traders are feeling jittery and uncertain about the market direction.
As a crypto investor, I’ve noticed a significant downturn in the prices of digital assets such as Bitcoin within the last 24 hours. The market has experienced massive sell-offs leading to over $286 million in leveraged positions being liquidated from various cryptocurrencies.
Massive Crypto Liquidation Makes Traders Jittery
Based on information from CoinGlass’s on-chain data, approximately 99,014 traders faced liquidation over the past 24 hours, resulting in a total liquidation amount of $286.26 million. Specifically, Bitcoin saw $69.2 million in liquidations, with long positions accounting for $44.92 million and shorts accounting for $22.29 million. Ethereum experienced more liquidation than Bitcoin during this timeframe.
As a crypto investor, I observed that the total liquidation for Ethereum (ETH) during the recent market turbulence was approximately $91.73 million. The digital assets Solana (SOL), Dogecoin (DOGE), and others combined experienced a liquidation of around $40.20 million. During the one-hour trading window, ETH had a liquidation of roughly $4.12 million, Bitcoin (BTC) saw a liquidation of about $1.3 million, and Solana recorded a liquidation of nearly $1.01 million. Various other altcoins underwent liquidations in the range of a few hundred dollars.
Multiple prominent crypto exchanges, such as Binance, OKX, ByBit, Huobi, and Bitfinex, among others, experienced substantial liquidations during this period. Notably, the largest single liquidation occurred on the foremost cryptocurrency exchange, Binance. The reasons behind this liquidation event remain uncertain, but the sentencing of Changpeng “CZ” Zhao could potentially be a contributing factor.
Bitcoin Price Falls Below $65,000
Traders are feeling anxious and frantic with the significant stock market declines and uncertain future prospects. The recent losses have erased the minimal profits they had previously gained.
Bitcoin reached a peak of $73,000 in March before dipping down to $65,000 a few weeks ago. Currently, its price stands at $60,437.79, representing a 4.11% decrease over the past 24 hours. Given its recent halving event, Bitcoin’s underperformance is causing concern among investors based on various performance metrics. Technical indicators suggest that Bitcoin may be due for further declines, potentially dropping below $60,000.
Concerns have arisen that the decreased excitement surrounding potential spot Bitcoin ETFs, which began several weeks prior to the halving event, might be playing a role in the recent drop in Bitcoin’s price. The introduction of a spot Bitcoin ETF in Hong Kong did not succeed in reassuring investors due to disappointingly low trading volumes on its debut day.
Certain analysts believe that the price of the coin could continue to rise, potentially surpassing $70,000 and even hitting $100,000 after the halving event.
Ethereum is equally down by 6.46% and currently trading at $2,971.75.
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2024-04-30 20:20