The Value of Bitcoin Drops by 6% in 24 Hours
The value of the largest cryptocurrency, Bitcoin, has experienced a significant drop of over 6% in the past 24 hours. As of 5:10 a.m. ET, it is trading at $63,116.
This price correction has led to a substantial liquidation of long positions on centralized exchanges. According to CoinGlass data, more than $162 million worth of Bitcoin positions were liquidated during this period. The majority of these liquidations, amounting to $134 million, were long positions.
Ether and SOL Also Experience Downturns
It’s not just Bitcoin that has been affected by this market volatility. Ether, the second-largest cryptocurrency, also experienced a downturn of 9.5% over the past day. It is currently priced at $3,248 as of 5:10 a.m. ET.
SOL, the native coin of the Solana network, was hit even harder with a slide of over 12% in the same period, according to The Block’s Prices Page.
Liquidations Across the Crypto Market
The overall crypto market has witnessed over $515 million in liquidated long positions within the last 24 hours. This has contributed to a total of $620 million in liquidations across various centralized exchanges.
Liquidations occur when a trader’s position is forcibly closed due to insufficient funds to cover losses. This happens when market movements are unfavorable to the trader’s position and their initial margin or collateral is depleted.
Hot Take: Crypto Market Faces Significant Price Correction
The recent price correction in the crypto market has caused major cryptocurrencies like Bitcoin and Ether to experience significant downturns. This market volatility has resulted in the liquidation of millions of dollars worth of long positions.
Investors and traders should closely monitor the market and be prepared for potential fluctuations. It is essential to stay informed about market trends and make informed decisions based on thorough research and analysis.
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