- In a significant downturn, the cryptocurrency market has seen hundreds of millions of dollars erased in the last 24 hours.
- Bitcoin’s (BTC) value has been on a downward trajectory after reaching $72,000 in the recent growth cycle.
- Over 102,000 cryptocurrency investors have been impacted, with a total of $267 million in futures positions liquidated.
Major selling pressure in the cryptocurrency market leads to substantial losses and liquidations as Bitcoin and Ethereum take a plunge.
Significant Liquidations as Bitcoin and Ethereum Prices Plunge
Over the past month, Bitcoin has experienced relentless selling pressure, with prices dropping significantly from their peak of $72,000. On the morning of [date], Bitcoin’s value fell to $58,128, a considerable decline. Similarly, Ethereum, which had surged following the ETF approval, tumbled to $3,178. The drastic price drops have triggered extensive liquidations, adversely affecting the market.
Details of Liquidations and Market Impact
The past 24 hours have seen a liquidation of futures positions worth $267 million, with 102,000 investors bearing the brunt of these losses. According to Coinglass data, the largest liquidation occurred on OKX with a $4 million long position on Ethereum. Notably, 88.57% of these liquidations were long positions. Binance accounted for $112 million of the liquidations, while OKX witnessed $87 million in liquidations. Although both Bitcoin and Ethereum have shown minor recoveries, the market remains volatile.
Conclusion
The recent adverse developments in the cryptocurrency market underscore the inherent volatility and unpredictability of digital assets. Investors and traders must exercise diligence and stay informed to navigate these turbulent times. Despite minor rebounds, the overarching sentiment remains cautious, urging market participants to adopt strategies that mitigate risks in this dynamic financial landscape.
