The post $293M Crypto Longs Rekt After $59,000 Crash appeared on BitcoinEthereumNews.com.

Data shows that the crypto derivatives market has seen a large number of liquidations in the past day as Bitcoin has crashed to $59,000. Bitcoin Has Seen A Sudden Crash Under $60,000 In The Last 24 Hours The price action in the past day has shocked Bitcoin investors as the cryptocurrency has taken a plunge, erasing all the asset’s recovery in the last week. The chart below shows the asset’s trajectory over the last few days. Looks like the price of the asset has taken a notable hit in recent days | Source: BTCUSD on TradingView During this crash, the coin dropped to under $59,000 but has since recovered to $59,900. Despite the rebound, BTC has still been down around 4% over the last 24 hours. As is usually the case, the rest of the sector has followed the original cryptocurrency in this bearish direction. However, many altcoins have managed to restrict their losses to a size lower than BTC’s. Given the volatility the sector as a whole has seen in the past day, it’s not surprising that the derivatives market has been shaken up. Crypto Derivatives Market Has Just Seen $319 Million In Liquidations According to data from CoinGlass, the cryptocurrency derivatives market has seen the liquidation of a large amount of contracts during the last 24 hours. “Liquidation” here naturally refers to the forceful closure that any open contract undergoes after it has amassed losses of a certain degree. Below is a table that displays the relevant data related to the latest mass liquidation event in the sector. The liquidations appear to have been dominated by the long side of the market | Source: CoinGlass As is visible, the total cryptocurrency market liquidations have stood at $319 million in this window. Of this, $261 million of the liquidations…

---

Filed under: News - @ August 29, 2024 12:27 am