The post $480 Million Wiped Out in 24 Hours appeared on BitcoinEthereumNews.com.

Over the past 24 hours, more than 157,000 traders faced liquidations, with a total value of over $480 million.  According to Coinglass data, approximately $400 million in leveraged crypto positions were wiped out. Consequently, Bitcoin’s price dropped over 5% following seven consecutive days of gains. Sudden Crypto Liquidations Trigger a Market Pullback The broader crypto market saw its market cap fall by 7%, with Ethereum declining nearly 8%. The largest single liquidation occurred on Binance. Crypto Market 24-Hour Liquidation Heatmap. Source: Coinglass The liquidations coincided with a sudden rise in the 10-year US Treasury yield. Data from the Institute for Supply Management revealed stronger-than-expected growth in the US services sector during December.  This intensified concerns about persistent inflation. Higher yields often pressure growth-oriented risk assets, including cryptocurrencies. A Sudden Spike in 10-year US Treasury Yield on January 7. Source: CNBC Also, open interest levels also contributed to the wave of liquidations. Since yesterday, both Bitcoin and Ethereum have lost over $1 billion in open interest, signaling significant deleveraging in the market. “BTC About $1.6 billion in Open Interest wiped out since the local high yesterday. ETH also saw about $1 billion in Open Interest get rinsed out on this move. Going to be interesting seeing how this plays out in the short term. Overall market still remains choppy which is usually the case near the end and start of the year,” popular trader and influencer Daan posted on X (formerly Twitter).  Some analysts are pointing to today’s crypto liquidation as an indicator that Bitcoin’s price will fall below its $93,000 support level and enter a bearish cycle.  “Bitcoin is repeating its 8-year resistance pattern. Every rejection at this trendline has led to massive crashes. Expect a big crash, History’s repeating. My 2025 #BTC targets are below $30,000,” Jacob King wrote…

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Filed under: News - @ January 7, 2025 9:22 pm