A $286 million wipeout occurred in the cryptocurrency market; so, what happened?
Cryptocurrency prices, including #Bitcoin, have fallen over the last 24 hours, leading to a massive market liquidation. Over $286 million in leveraged crypto positions have been liquidated from some of these digital assets.
According to on-chain data from CoinGlass, about 99,014 traders liquidated their positions in the last 24 hours. Additionally, the total recorded liquidation amounted to $286.26 million. Specifically, the 24-hour liquidation for Bitcoin was $69.2 million, with $44.92 million in long positions and $22.29 million in short positions. #Ethereum experienced more liquidations than BTC during the same period.
The liquidation in #ETH amounted to approximately $91.73 million. Solana (SOL), Dogecoin (DOGE), and other digital assets collectively recorded liquidations of $40.20 million. Meanwhile, in the last trading hour, ETH registered $4.12 million in liquidations, BTC $1.3 million, and SOL $1.01 million. Other altcoins experienced liquidations in the hundreds of dollars.
Faced with the daunting liquidation and market outlook, traders have entered panic mode, especially since the liquidation wiped out the slight gains recorded earlier.
Bitcoin, which reached $73,000 in March and found support at $65,000 a few weeks ago, is currently trading at $60,437.79, with a price decline of 4.11% in the last 24 hours. For a cryptocurrency that has recently halved, BTC is performing poorly by most indicators. Some key technical indicators have highlighted that the technical structure has been refined and the likelihood of a decline to $60,000 and possibly lower has increased.
Concerns that the slowdown in the excitement around the Bitcoin #ETF spot, which began a few weeks before the halving, contributed to the drop in the underlying price of the cryptocurrency. The launch of the Spot Bitcoin ETF in Hong Kong also failed to calm investors, as the trading volume on the first day was lower than expected.
