Bitcoin Wavers and $1B in Crypto Derivatives Trades Liquidated
The crypto sector is facing a downward trend, with Bitcoin depreciating 8% against the dollar in the last 24 hours. Here are the key points:
- The global trade volume over the preceding day is approximately $69.60 billion.
- $37.62 billion of the trade volume represents stablecoin trading, indicating a shift towards stablecoin pairs and the dollar-anchored token ecosystem.
- Bitcoin has seen an 8.6% daily and 10.3% weekly decrease in value.
- Ethereum has lost 9.3% against the dollar today and stands 11.3% lower this week.
- XRP experienced a sharp decline, plummeting 14.7% daily and 20.7% weekly.
Data from coinglass.com reveals that over $1 billion in liquidations occurred in the last 24 hours. Here are the breakdowns:
- Bitcoin derivatives traders holding long positions lost $477 million.
- ETH derivatives traders with long stakes saw $307 million vanish.
- XRP’s long positions encountered approximately $24.39 million in liquidations.
Out of the $1.03 billion liquidated, $189.67 million were shorts, and a massive $826.60 million were longs. Additionally, SHIB experienced a 13.8% dip following complications with the Shibarium launch.
Hot Take:
The recent slide in the crypto sector, along with the significant liquidations, highlights the volatility and risks associated with trading cryptocurrencies. Traders need to be cautious and closely monitor market trends to make informed decisions. It also underscores the importance of diversifying one’s portfolio to mitigate potential losses. Stay informed and adapt your trading strategies accordingly in this ever-changing market.
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