286 Million Dollars worth of liquidation took place in the Crypto Market; So What Happened?
Cryptocurrency prices, including #Bitcoin , have fallen in the last 24 hours, resulting in a massive liquidation in the market. More than $286 million in leveraged crypto positions were liquidated from some of these digital assets.
According to CoinGlass' on-chain data, approximately 99,014 merchants have liquidated in the last 24 hours. Additionally, the total liquidation amount recorded was $286.26 million. To be exact, the 24-hour liquidation on Bitcoin was $69.2 million, with $44.92 million in long trades and $22.29 million in short trades. #Ethereum saw more liquidations compared to BTC during the same period.
Liquidation in #ETH was approximately $91.73 million. Solana (SOL), Dogecoin (DOGE), and other digital assets collectively recorded liquidations of $40.20 million. Meanwhile, during the last 1-hour trading period, ETH saw $4.12 million in liquidations, BTC $1.3 million, and SOL $1.01 million. Other altcoins saw liquidations of several hundred dollars.
With the frightening sell-off and market outlook, traders went into panic mode, especially as the liquidation erased the slight gains recorded earlier.
Bitcoin, which rose to $73,000 in March and found support at $65,000 a few weeks ago, is trading at $60,437.79, with a price decline of 4.11% in the last 24 hours. For a cryptocurrency that recently halved, BTC is performing poorly by most metrics. Some key technical indicators have highlighted that the technical structure has been fine-tuned and the probability of a decline has increased to $60,000 and possibly below.
There are concerns that the slowdown in spot Bitcoin #ETF excitement, which began a few weeks before the halving, contributed to the decline in the underlying crypto price. The launch of the Spot Bitcoin ETF in Hong Kong did not calm investors either. This is because first-day trading volume was weaker than expected.
