Crypto Liquidations Hit $477 Million As Bitcoin Faces Rejection
The post Crypto Liquidations Hit $477 Million As Bitcoin Faces Rejection appeared on BitcoinEthereumNews.com.
The cryptocurrency market recorded liquidations worth $477 million as Bitcoin (BTC) experienced price rejection again. Bitcoin price slipped from a high of $105,884.23 shortly after attempting to climb toward its all-time high of $108,268.45. Several altcoins also suffered the same drop after registering a price rally. This fueled the crypto liquidations over the past 24 hours Bitcoin Leads Liquidation Figures CoinGlass data shows Bitcoin’s total liquidation in the last 24 hours stood at $86.82 million. Short position traders accounted for the larger chunk of the liquidations, amounting to $55.11 million. Long position traders only saw $35.71 million wiped out from their holdings. This suggests that market participants were not betting on the price retracement of Bitcoin. – Advertisement – It also highlights the unstable price fluctuations that traders have been contending with BTC in the past few days. Among altcoins, Solana (SOL) flipped other assets to become the best-performing coin on the top 50 listed by CoinMarketCap. After soaring to a new ATH of $268.74, SOL’s liquidation surpassed $30.97 million. Like Bitcoin, SOL had more liquidation among the short sellers, $19.08 million, as opposed to the long liquidations worth $11.89 million. Ethereum (ETH), XRP, and Dogecoin (DOGE) flipped the trend as higher liquidations were seen among long traders. ETH’s total liquidation count amounted to $76.28 million, out of which the long position cleared off $57.16 million. XRP and DOGE saw total liquidations of $25.96 million and $32.73 million respectively. While longs for XRP amounted to $17.31 million, for DOGE, it came to $22.20 million. This came as XRP lost 10 cents and slipped from a peak of $3.31 to $3.21. DOGE dropped from $0.4335 by 3.03% to $0.3988 in the last 24 hours. External Factors Influencing Market Dynamics The price rejection experienced by Bitcoin and altcoins has sparked discussions among…
Filed under: News - @ January 18, 2025 9:26 pm