The recent events in the crypto market have left investors and traders reeling from the impact of a widespread crash that has seen Bitcoin and altcoins plunge. The Bitcoin price, in particular, has been on a downward spiral, falling from support after support, causing chaos for tens of thousands of traders. The repercussions of this downward trend have been significant, with losses amounting to hundreds of millions of dollars in just a single day.
Data from Coinglass reveals that a staggering $292.8 million worth of crypto liquidations occurred within the last day alone. Over 105,000 traders have been liquidated, with a majority of them being long traders. The most significant liquidation events occurred in the past 12 hours, with the most substantial losses happening as Bitcoin plummeted from $61,000 to $57,000. Bitcoin and Ethereum took the biggest hits, with $91.7 million and $69.86 million in liquidations, respectively.
Exchange Troubles
The impact of the market crash was evident across various crypto exchanges. Huobi, Binance, OKX, Bybit, and CoinEx all recorded massive liquidations ranging from millions to tens of millions of dollars. The largest liquidation event on the Huobi exchange saw a jaw-dropping $10.49 million lost in a single call. Binance, as the world’s largest crypto exchange, saw a total of $122.67 million in liquidations, further amplifying the extent of the crisis.
The dominance of long liquidations in the market has been a common theme throughout the crash period. However, as the price of Bitcoin shows signs of recovery, short traders are beginning to feel the pressure. Data from Coinglass indicates a shift from 88.61% to 56.48% in long liquidations within the last hour. This shift suggests that short traders could be at risk of facing further losses if the market continues to bounce back.
Despite the bleak outlook following the market crash, there have been some positive indicators for Bitcoin. The daily trading volume has surged by 50%, reaching $37.59 billion, showcasing significant activity within the market. Additionally, there seems to be a developing support level at $57,900, which could potentially serve as a turning point for a recovery. Bitcoin is currently trading at $57,909, with a 3.87% decline in the last day, 5.23% down on the weekly chart, and 15.95% down on the monthly chart.
The recent events in the crypto market have led to a day of devastation for traders and investors alike. The market crash has resulted in significant losses, with liquidations hitting an all-time high. While there are some positive signs amidst the chaos, the uncertainty surrounding the market’s future remains a cause for concern. As the market continues to fluctuate, traders must remain vigilant and adapt to the ever-changing dynamics of the crypto landscape.
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