Market volatility has intensified, with over $520 million in cryptocurrency liquidations in the past day
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Recent market fluctuations have indeed heightened the risks for cryptocurrency traders, leading to a large number of liquidations, especially in Bitcoin and Ethereum. Here are some key market dynamics and liquidation events:
Market Overview:
Total Liquidation Amount: In the past 24 hours, the total liquidation amount in the global cryptocurrency market reached $524.8 million, indicating that market turbulence has triggered a significant number of forced liquidations.
Affected Traders: Nearly 186,000 traders were liquidated due to price fluctuations, reflecting the extreme volatility in the market.
Bitcoin Liquidations:
Liquidation Amount: Bitcoin saw the highest liquidation amount, totaling over $142.5 million, with approximately $101 million from long positions.
Price Fluctuation: Bitcoin dropped by 2.26% in the past 24 hours, currently trading at around $94,314. Although Bitcoin briefly surpassed $100,000 earlier this week due to market optimism regarding a new government supporting cryptocurrencies, the pullback has left the market tense.
Ethereum Liquidations:
Liquidation Amount: The total liquidation amount for Ethereum was $89.9 million, with $49.2 million from long positions.
Price Fluctuation: Ethereum's price decreased by 0.85%, currently trading at $3,335. Ethereum experienced a double-digit drop the previous day, which is part of the recent market turmoil.
Market Sentiment:
GMCI 30 Index: The Block's GMCI 30 index, representing the top 30 cryptocurrencies, fell by 1.23%, indicating overall market instability.
Reasons for Liquidation: Liquidations typically occur during periods of severe market fluctuations, especially in leveraged trading, where traders' positions are forcibly liquidated due to price volatility or insufficient margin. As the market declines, this phenomenon becomes more frequent, putting pressure on traders.
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