Bitcoin experienced a pullback, although not to the extent anticipated by bearish investors. Nevertheless, this unexpected recovery led to significant losses for many traders. In just one day, the total loss volume surged to $190 million, reflecting the prevailing uncertainty in the market.
Crypto Liquidations Soar to $190 Million Data from Coinglass reveals that 24-hour crypto liquidation volumes surged past $190 million as Bitcoin underwent a shakeout. The pullback initially brought the price down to the $43,600 range, followed by a swift rebound toward $44,000.
Subsequently, traders on both sides found themselves with positions in the red, resulting in a cascade of liquidations. In total, more than 81,000 traders suffered losses exceeding $190 million. Remarkably, the majority of these traders were involved in long positions, betting on the price's continued upward movement.
Coinglass reports that 73.74% of the total liquidations in the past day came from long traders, equating to around 45,000 traders holding long positions during this period. The most substantial liquidation event occurred on the OKX cryptocurrency exchange within the ETH-USDT-SWAP pair, amounting to $2.12 million at the time of liquidation.
Additionally, a newcomer entered the top 3 in terms of liquidation volumes. While Bitcoin and Ethereum led with liquidation volumes of $47.12 million and $29.16 million, respectively, ORDI claimed the third position with $21.64 million in liquidations within a 24-hour timeframe.Long Traders Face Challenges as Bitcoin's Value Declines Long traders are enduring ongoing liquidation pressures, and the situation has yet to shift in their favor. With Bitcoin briefly dropping below $43,000 before rebounding to around $43,400, long liquidations are still on the rise.
As of the time of writing, short liquidations accounted for 91.05% of the total liquidation amount, which stands at approximately $47.83 million over the past four hours. This trend in liquidations over the 4-hour period is primarily influenced by the same top three cryptocurrencies: Bitcoin, Ethereum, and ORDI, all of which have experienced significant volatility in the past week. If Bitcoin's recovery maintains its high level of volatility, liquidation volumes are likely to continue increasing.
The majority of these liquidations occurred on the Binance and OKX exchanges, with totals of $82.56 million and $60.51 million, respectively. The ByBit exchange takes the third position with $27.05 million in liquidations over the last day.
Currently, Bitcoin is facing challenges in maintaining support above $43,000, which has contributed to the recent increase in liquidation activity. Nonetheless, bullish sentiment remains strong, with the bulls continuing to dominate the market.
By: Best Crypto Exchanges
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