The Crypto Market Faces $300 Million in Liquidations
If you’ve been following the crypto market, you’ll know that over the last 24 hours, more than $300 million in liquidations has occurred. The majority of these forced closures were in Bitcoin (BTC) and Ether (ETH).
Bitcoin’s sharp price drop to $35,000 resulted in traders losing a staggering $121 million. Those who had opened long positions in Ethereum also experienced significant losses as the price of the second largest cryptocurrency fell below $2,000, costing them $64.1 million.
Interestingly, the native token of the Solana blockchain, SOL, led the way in terms of altcoin liquidations, causing traders to suffer losses of $13.03 million.
It’s important to note that over 90% of these liquidations were split between OKX, Bybit, and Binance, with OKX executing the largest order by closing a long BTC/USDT for $9.45 million.
Prior to this significant market movement, Bitcoin’s price had dropped by over 5% and tested the $35,000 mark following the release of United States consumer price index data. As of now, the rate of the largest cryptocurrency has returned to $35,896.
Despite these fluctuations, long positions continue to dominate the market, indicating traders’ confidence in Bitcoin’s future growth prospects. Additionally, in 2023, the number of Bitcoin wallets containing over a million dollars’ worth of coins has tripled.
Hot Take: Navigating Market Volatility
The recent liquidations in the crypto market serve as a reminder of its inherent volatility. Traders must remain vigilant and consider risk management strategies to navigate these fluctuations successfully.
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