Bitcoin fell 6%, liquidation amount reached 314 million US dollars, where will the market go next?
The cryptocurrency market was hit hard last night, and suffered a liquidation wave of more than 300 million US dollars in 24 hours!
This wave of liquidation was mainly caused by the bulls, and the long positions they liquidated were worth up to 282 million US dollars. It's heartbreaking to watch!
Speaking of Bitcoin (BTC), the big brother of the crypto world has also had a hard time recently. After the US stock market closed, it directly encountered a selling frenzy, and the price plummeted by more than 6%. This matter has to start with the bankrupt crypto lender Celsius. In order to repay debts, they sold nearly 2.5 billion US dollars in assets, which directly gave the market a "heart-breaking chill".
The entire crypto circle was shaking, and big coins such as ETH, SOL, and DOGE also plunged one after another. The posture was comparable to the market crash in August last year.
The data from CoinGlass is even more frightening, saying that more than 85,000 traders were "liquidated" in this storm, with a total liquidation amount of up to $314 million. Among them, the largest single liquidation of ETHBTC on bn was as high as $12.67 million, which is frightening.
Take a look at the price of Bitcoin. It fell below the $60,000 mark in the early trading, and now it has fallen to $59,387, a drop of nearly 6%. This trend looks bad. If it can't be stopped, it may fall to $54,000 or even lower.
Will BTC continue to fall? It's hard to say. After all, there are more than 120,000 creditors waiting to share the money, and then there will be another wave of selling. In addition, the global stock market is not strong, and risk aversion is high. I'm afraid Bitcoin will have a hard time for a while.
In general, the crypto market is changing rapidly!
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