The cryptocurrency market has been hit by a significant jolt as Bitcoin, the largest cryptocurrency by market capitalization, slipped below its previously plateaued threshold of $26,000. This downward movement has led to a surge in total liquidations, with traders losing more than $300 million within 24 hours.
The repercussions of this event are reverberating throughout the market, with major exchanges recording substantial liquidation figures. The crypto market has been shaken by a surge in liquidations as Bitcoin faltered, prompting a domino effect of positions being forcefully closed. According to data from Coinglass, roughly 112,837 traders were liquidated in the past 24 hours resulting in cumulative losses of $304 million and counting.
Among the exchanges involved Binance took the lead in liquidations with $100.4 million closely followed by OKX at $80.62 million while other exchanges also witnessed lesser impacts on their platforms.
In light of Bitcoin’s dip long positions bore most brunt accounting for approximately $277.45 million (91.22%) of the total reflecting an overwhelming presence of traders who had anticipated price increase simultaneously short position faced liquidations amounting to approximately$26.71million or nearly10%ofthe total.The volatility proved detrimental to both sides tradingSponsored Product spectrum.
Amidst widespread liquidations one trader stands out for enduring single largest loss.AtraderonBitmexrecordeda massivelossof$9 .94millioninan XBTUSD swap underscoring magnitude upheaval.Additionally,Bitcoinliquidationaloneaccountedfor$105 .54millionwhileEthereum(ETH)witnessedliquidationstotaling$33 .87million further highlighting far-reaching implications event.
Bitcoin Slips Below $30k
The global crypto market cap also slumped below previously established mark value at time writing is down nearly3 .7%inlast24hours.Plunge comes after ongoing negativity in market such as thrown-around lawsuit by Securities and Exchange Commission (SEC).
The news impacted Bitcoin significantly as the asset has lost more than $20 billion from its market cap in past 24 hours and is down nearly5%, indicating possible violent selling pressure. Though top crypto saw slight uptrend on Sunday it has seen bearish trend since then.
Meanwhile, at time writing BTC currently trades below $26k with a 24-hour tradingSponsored Product volume of $21billion.An increase from previously recorded daily tradingSponsored Product volume of$11billionseen last week Tuesday.
It is important to highlight that amidst substantial liquidations certain traders managed to capitalize on the market movement by strategically shorting their positions.While considerable number of traders faced losses due to long positions on Bitcoin those who correctly anticipated downward trend are now reaping profits in current slumping cryptocurrency market.
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