The Impact of Bitcoin Crash on Crypto Traders
As a crypto enthusiast, you may have woken up to news of another significant Bitcoin price crash, with prices plummeting 5% to hit the $61,000 mark. This sudden drop has sent shockwaves through the market, leading to a surge in liquidations. In just 24 hours, the total liquidation figures have skyrocketed to nearly $300 million, leaving many traders reeling from the losses.
The Numbers Behind the Liquidations
- Data from Coinglass reveals that over 91,000 crypto traders have been liquidated in the past day alone, resulting in losses totaling around $282 million.
- The majority of these liquidations, approximately 91.59%, have come from long traders who were caught off guard by the sudden downturn in the market.
Breakdown of Liquidation Volumes
- Bitcoin bears the brunt of the liquidation with a staggering $103 million, followed by Ethereum at $64 million and Solana at $13 million. Other cryptocurrencies have also seen liquidations surpassing $38 million.
- Leading the pack in terms of exchange liquidation volumes is Binance, responsible for around 35% of total liquidations amounting to $102.9 million. This is followed by OKX with $82 million, and Huobi, Bybit, and Bitmex trailing behind.
Recent Trends and Future Outlook
- Majority of the liquidations, amounting to $230 million, occurred within the last 12 hours, underscoring the rapid pace at which traders were forced to exit their positions.
- Despite the significant liquidation figures, the past 24 hours do not mark the worst day in June, a month plagued by market crashes. On June 7 and June 18, liquidation volumes exceeded $300 million, showcasing the volatility in the crypto market.
Potential Price Movements
- With Bitcoin struggling to maintain the $61,000 support level, a further decline looms on the horizon. Traders are cautioned that if bulls fail to defend this key level, the price could plummet to $50,000, signaling further downside potential.
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