32,916 Traders Liquidated in Crypto Market as Market Slump Continues
The post 32,916 Traders Liquidated in Crypto Market as Market Slump Continues appeared on BitcoinEthereumNews.com.
Coinspeaker 32,916 Traders Liquidated in Crypto Market as Market Slump Continues In the past 24 hours, over 32,000 traders, who speculated on the prices of Bitcoin (BTC), Solana (SOL), Notcoin (NOT), and PEPE, were liquidated. This wiped out approximately $85 million from the market. These liquidations occurred exclusively on centralized exchanges, with OKX taking the lead. According to data from blockchain analytics company CoinGlass, the largest liquidation order took place on the Seychelles-based exchange founded in 2017. The exchange lost $4.24 million in an ETH/USDT pair. Users trading on Binance, Bybit, and HTX (formerly Huobi Global) in the last 24 hours collectively suffered losses of around $45 million. Each of these exchanges, including OKX, contributed approximately 44%, 36%, 10%, and 5% of the total liquidations in a single day. These liquidations can be attributed to several factors, including the ongoing market downturn that saw Bitcoin price drop below $60,000 to $58,000 on Monday, marking its lowest point this month. Bitcoin has shed up to 6% of its value within the past week, marking the second-worst weekly decline of 2024. Its market cap has decreased from $1.3 trillion to the current value of $1.22 trillion, impacting the global digital assets market. Currently, the total cryptocurrency market stands at $2.28 trillion, according to CoinMarketCap. Analysts Predict Further Decline Despite the current market panic triggered by Bitcoin’s sudden drop, analysts foresee more potential downward movement before any chance of recovery. Earlier this week, Markus Thielen, founder of the respected crypto research firm 10x Research published a new research highlighting Bitcoin’s struggle to surpass key resistance levels . According to him, the bitcoin’s inability to break this level has formed a “double-top price pattern”, which could drive the crypto asset lower, possibly down to $50,000. He explained that Bitcoin might transition from its current…
Filed under: News - @ June 26, 2024 8:12 pm