The crypto market is in a state of panic with a market-wide crash that has shaken Bitcoin and altcoins. With the Bitcoin price continuing to fall from support after support, tens of hundreds of traders have lost their positions, resulting in a whole lot of hundreds of thousands of dollars in losses in only the last day alone.
Crypto Market Liquidations Cross $290 Million
Within the last 24 hours, the Bitcoin price has been crashing, eventually falling below $57,000 before recovering again. Nonetheless, the damage has already been done, with long traders suffering the brunt of the losses over the past day.
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In accordance with data from Coinglass, there was $292.8 million price of crypto liquidations within the last day. In total, 105,458 traders have been liquidated, with 88.61% of them being long traders. Nearly all of these liquidations have happened within the last 12 hours after Bitcoin fell from $61,000 to $57,000 with $204.97 million in liquidations.
Bitcoin alone has seen $91.7 million in liquidations, with second-largest cryptocurrency, Ethereum, following being with $69.86 million price of liquidations. The only largest liquidation event took place on the Huobi crypto exchange across the BTC-USD pair, where a single liquidation call saw $10.49 million lost.
Binance, the biggest crypto exchange on the earth, recorded $122.67 million in liquidations, OKX exchange saw $89.83 million in liquidations, and Huobi exchange saw $42.07 million in liquidations. Coming in fourth and fifth place is Bybit and CoinEx at $23.04 million and $9.42 million, respectively.
Bitcoin Recovery Could Change Trajectory Of Liquidations
As mentioned above, the crypto market liquidations have been mostly dominated by long trades provided that the Bitcoin price has continued to crash. Nonetheless, with the worth showing an inclination to bounce back up, rising above $57,900 on the time of this writing, shorts are starting to feel the warmth.
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Coinglass data shows that long liquidations have fallen from 88.61% within the last 24 hours to 56.48% within the last hour. If the worth continues to rise, then short traders, spurred on by the bearish wave, could suffer more crashes from here.
Despite positive sentiment being eroded, the Bitcoin day by day trading volume has seen a notable 50% jump, bringing it to $37.59 billion. Thus far, bulls appear to be developing support, which makes it the purpose to carry if the recovery is to proceed from here.
Bitcoin is currently trading at $57,909, with a 3.87% decline within the last day. It’s down 5.23% on the weekly chart and 15.95% on the monthly chart.
BTC price on the lookout for support at $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com