Analysis of Bitcoin market adjustment and liquidation phenomena
The cryptocurrency market has seen a series of corrections recently. Bitcoin (BTC) prices continue to slide lower, while Ethereum (ETH) also fell 1.20% to $3,670. Binance Coin (BNB), which previously hit a record high, fell sharply by 7.45% to $622.28. In addition, other high-profile altcoins such as Solana (SOL) and XRP also experienced declines of 1.53% and 0.53% respectively, with current prices of $159.45 and $0.4960 respectively.
Amidst the overall market decline, Toncoin (TON) has become a bright spot. Backed by Telegram, TON bucked the trend and rose 1.28% to $7.176. However, despite TON’s strong performance, the overall crypto market liquidation volume still exceeded $93.68 million.
In the past 24 hours, a total of 51,090 investors chose to reduce their positions. Among them, the liquidation amount of Bitcoin is particularly significant, exceeding $14.59 million. Ethereum and Solana also experienced significant liquidations, with liquidations exceeding $12.3 million and $4.2 million respectively. This indicates that there is currently some pressure in the market.
