Cascading Effect: Bitcoin’s Fall Under $29K Sparks $92 Million in Liquidations
The crypto market experienced a decline on August 1st, resulting in a 1.4% drop in its total value, reaching $1.17 trillion. Here are the key points:
- PLS and HEX, tokens connected to Richard Heart’s projects, were the biggest losers of the day.
- COMP, AAVE, SNX, GMX, and APE also sustained losses ranging from 4.87% to 11.35%.
- Bitcoin (BTC) fell 1.61% against the US dollar, while ethereum (ETH) dropped by 1.72%.
- Litecoin (LTC) managed to maintain a 0.73% increase despite slipping in the late hours of July 31st.
- LTC derivatives traders faced $2.63 million in liquidations, with $1.88 million in long positions.
In total, $92.95 million of cryptocurrency derivatives were liquidated in the past day, with BTC accounting for $22.38 million and ETH for $16.73 million. XRP and CRV also saw significant liquidations.
$80.20 million of the liquidations originated from long positions, while $12.76 million came from shorts. In the last 12 hours alone, there were $13.88 million in liquidations, including $7.79 million in long positions.
Hot Take
The decline in Bitcoin’s value has had a cascading effect on the crypto market, resulting in significant liquidations. This highlights the volatility and interconnectedness of the cryptocurrency ecosystem.
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