A Massive Crypto Market Move: Liquidations Surge, Market Capitalization Crashes
In a major move, the largest crypto and Bitcoin market has experienced a significant downturn, resulting in a massive amount of leverage being flushed out. This has led to a surge in liquidations and a crash in market capitalization of around $100 billion over the past 24 hours.
Key Points:
- Bitcoin has plunged 10% to a nine-week low of $25,649 during the Asian trading session.
- Bitcoin’s current trading price is $26,426, marking a 24-hour decline of 7.5%.
- Bitcoin futures markets have witnessed over $220 million in long liquidations and a doubling of Options Implied Volatility.
- More than $1 billion in liquidations have occurred in the crypto market over the past 24 hours, with over 80% being long positions.
- Total market capitalization is down 6.7% to $1.09 trillion, the lowest level since the mid-June slump.
Analysts have noted that Bitcoin typically experiences a downturn around this time of the year before its halving. Furthermore, there are several potential catalysts for the market crash, including Elon Musk’s SpaceX selling its BTC holdings, the Federal Reserve’s intention to maintain higher rates, and institutional accumulation completion along with increased selling of BTC holdings by miners.
Hot Take:
The recent crypto market move has sent shockwaves through the industry, with liquidations surging and market capitalization crashing. This downturn raises questions about the long-term stability and volatility of the crypto market. It also highlights the influence of external factors, such as institutional actions and market corrections, on the cryptocurrency ecosystem. As a crypto reader, it is crucial to stay informed and adapt to the ever-changing dynamics of this market.
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