Over $207M in crypto liquidated in one day, with $135.84M in just four hours.
Bitcoin’s drop to $65K triggered major liquidations across top exchanges.
Hawkish Fed remarks and economic uncertainty fueled the market’s volatility.
Bitcoin witnessed a considerable slump leading to massive liquidations in the crypto market. Digital assets worth more than $207 million were liquidated in the last day as per recent reports. Of these, a total of approximately $184.09 million were the long positions.
Intense Four-Hour Liquidation Period
In an extraordinary turn of events, $135.84 million of the total liquidations occurred within just four hours. This has marked one of the most volatile periods for the market in recent months. The OKX exchange led the pack with liquidations amounting to $47.64 million, followed closely by Binance and Huobi, which saw $43.84 million and $27.19 million in liquidations, respectively.
Nearly 80,000 traders experienced losses due to these liquidations. The single largest incident involved a loss exceeding $3 million on OKX. Predominantly, Bitcoin led the losses, with Ethereum, Solana, and Dogecoin also experiencing significant liquidations.
Bitcoin’s steep drop began earlier this Friday when it plummeted to an intraday low of $65,018. It slightly recovered to $66,000, which was not enough to stave off the downward trend, having recorded a 4.88% decline over the past week.
Market Trends and Insights
The market’s recent decline was influenced by several factors. Earlier this week, Bitcoin nearly reclaimed the $70,000 mark after US inflation reports were lower than anticipated. However, remarks by Federal Reserve Chair Jerome Powell, while hawkish, reversed investor sentiment, dampening hopes for rate cuts within the year.
This, coupled with Bitcoin ETF outflows and ongoing macroeconomic uncertainties, contributed to Bitcoin’s failure to maintain its support level above $66,000.
The rapid liquidations and market responses underscore the volatile nature of the cryptocurrency landscape, affecting a broad spectrum of digital assets and investors.
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