Over $1 Billion in Bitcoin and Crypto Assets Liquidated in 24 Hours
According to recent data from Coinglass, the crypto market has seen over $1 billion in liquidated assets in the past 24 hours. Bitcoin (BTC) led the downward trend, dropping to as low as $26,410.
Key Points:
– More than 173,576 traders who used leverage were liquidated.
– BTC had the highest amount of liquidated contracts, totaling $490 million.
– Ethereum (ETH) followed with $304.78 million liquidated, and XRP with $25.87 million.
– OKX, Deribit, and Binance were the exchanges with the most closed derivatives contracts.
– Analysts are reassessing the market after the significant drop.
Pseudonymous analyst Credible Crypto believes that Bitcoin’s recent decline is the start of a final consolidation phase before an eventual upward movement. He states that historically, consolidation periods have ended with a downward flush before a reversal. He also notes that any price above $25,000 is still within a bullish structure.
Hot Take:
The recent market volatility has resulted in a significant amount of liquidated assets. While this may be concerning for some, analysts like Credible Crypto believe it is part of a natural consolidation phase before a potential upward movement. As always, it’s important to stay informed and monitor market conditions closely.
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