Significant Liquidations in Crypto Markets Exceed $166 Million
Between Dec. 25 – 26, the volume of liquidations in crypto markets surpassed $166 million. Altcoins accounted for a significant portion of these losses. Currently, the daily volume of liquidations stands at $166.2 million, with long positions dominating the market.
Altcoins Lead in Loss Volume
Aside from Bitcoin (BTC) and Ethereum (ETH), trading pairs involving Solana (SOL) and ORDI experienced notable losses. These altcoins are among the leaders in terms of loss volume.
Liquidations on Binance, OKX, and Bybit Exchanges
The majority of significant liquidations occurred on exchanges such as Binance, OKX, and Bybit. These liquidations also predominantly involved long positions, accounting for over 60% of the total.
BTC Rate Declines Trigger Liquidations
Amid a decline in the BTC rate, several liquidations took place. The cryptocurrency saw a 2% drop, reaching $42,750.
Bitcoin’s Strong Performance in 2023
In 2023, Bitcoin outperformed various asset classes, including the global stock market and gold, in terms of growth. It experienced a remarkable growth rate of 163% throughout the year.
Expectations for Continued Growth in Crypto Assets
Analysts anticipate further growth in crypto assets in 2024 due to expectations of declining interest rates, reduced regulatory pressure from the United States, and the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Hot Take: Crypto Market Experiences Significant Liquidations Amid BTC Price Decline
Between Dec. 25 – 26, crypto markets witnessed a substantial volume of liquidations amounting to over $166 million. Altcoins accounted for notable losses, with long positions dominating the market. Liquidations mainly occurred on exchanges like Binance, OKX, and Bybit, involving trading pairs with altcoins such as Solana (SOL) and ORDI. The decline in the BTC rate triggered these liquidations as the cryptocurrency experienced a 2% drop. Despite this, Bitcoin’s performance in 2023 stood out, surpassing other asset classes in terms of growth. Analysts expect crypto assets to continue growing in 2024 due to various factors such as declining interest rates and potential regulatory developments.
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