Crypto Liquidations Cross $210m With Longs Accounting For 85%
The cryptocurrency market has witnessed over $210 million worth of liquidations across the board, with long positions accounting for 85% of this bloodbath amid the latest market turmoil.
Data from crypto analytics resource Coinglass confirms that market participants have suffered a blow from the recent turbulence, which has triggered a 4% drop in the price of Bitcoin (BTC) in the last 24 hours. Specifically, 92,298 traders have witnessed liquidations worth $210.26 million in long and short positions.
The bulk of these liquidations, totaling $178.2 million, are linked to long positions, while short positions have seen liquidations amounting to $32.05 million. With long positions comprising 84.7% of the liquidated trades, sentiment has swiftly transitioned from bullish to bearish, as the market flips red.
Moreover, the current market instability stems from Bitcoin’s retreat from its recent high of $67,183 on April 23. Following this peak, BTC experienced a notable correction, culminating in a 3.2% decline by the end of yesterday’s trading session.
This bearish momentum has persisted, leading Bitcoin to relinquish the psychologically significant $64,000 threshold earlier today. The global cryptocurrency market capitalization has declined by 3.87% over the past 24 hours, now standing at $2.47 trillion, as altcoins venture into bearish territory.
Being the premier cryptocurrency, Bitcoin has witnessed the largest liquidated positions among all crypto assets, totaling $44.6 million within 24 hours.
The liquidation trend was noticeable across the market on April 18 before the most recent Bitcoin halving, resulting in a loss of $247 million. The Bitcoin halving, taking place on April 20, sparked renewed optimism after this downturn, prompting a resurgence of long positions amid the market’s recovery.
Despite the recent increase in liquidations, the derivatives market has witnessed a surge in volume, with trade volume jumping by 30% in the last 24 hours to reach $159 billion at the reporting time. This is due to an increase in short positions, with the long/short ratio now sitting at 0.7832.
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Top Analyst Eyes New Crypto, Hinting A Possible End To Binance Coin And Dogecoin Reign
Binance token and Dogecoin dominance could come to an end amid recent price uncertainty. Investors are looking for prom... Read more
Ripple Joins DeRec Alliance Asset Recovery Initiative
Ripple joined Swirlds Labs and the Algorand Foundation as a founding member of the DeRec Alliance. Read more
Canadian Regulator Fines Binance $4.4m For Money Laundering Violations
FINTRAC has imposed a substantial fine on cryptocurrency exchange Binance for allegedly violating anti-money laundering ... Read more
Experts: SEC Leveraging “lack Of Regulatory Clarity” In Crypto Crackdown
The U.S. SEC has continued its crypto crackdown this year, but the agency’s current leverage may also be its biggest w... Read more
Vitalik Buterin Proposes Method To Increase Ethereum Capacity
Ethereum co-founder Vitalik Buterin proposed introducing multidimensional gas pricing. Read more