The recent turmoil in the crypto market has left many traders reeling from significant losses as both Bitcoin and altcoins experience a market-wide crash. The downward spiral of the Bitcoin price has resulted in tens of thousands of traders being liquidated, leading to hundreds of millions of dollars in losses in just the last day.
Data from Coinglass reveals a staggering $292.8 million worth of crypto liquidations within the last 24 hours. A total of 105,458 traders have been liquidated, with an overwhelming majority of 88.61% being long traders. The most significant liquidation event occurred on the Huobi crypto exchange, where a single call saw $10.49 million lost.
Some of the largest crypto exchanges in the world have felt the impact of the crash. Binance, the largest crypto exchange, recorded $122.67 million in liquidations, followed by OKX exchange with $89.83 million, and Huobi exchange with $42.07 million. Bybit and CoinEx also saw substantial liquidations at $23.04 million and $9.42 million, respectively.
While long traders initially bore the brunt of the losses as the Bitcoin price continued to plummet, there has been a shift in the tides. Data shows that long liquidations have decreased from 88.61% in the last 24 hours to 56.48% in the last hour. With the price beginning to show signs of recovery above $57,900, short traders may soon face their own set of challenges.
Despite the negative sentiment engulfing the market, there is a glimmer of hope as Bitcoin’s daily trading volume has experienced a significant 50% surge, reaching $37.59 billion. Bulls are now looking to establish support at the current levels to pave the way for a sustained recovery. Bitcoin is currently trading at $57,909, representing a 3.87% decline in the last day.
As the market continues to navigate these turbulent waters, traders are bracing themselves for further volatility. The recent crash serves as a stark reminder of the unpredictable nature of the crypto market and the importance of risk management strategies. While the road to recovery may be fraught with challenges, resilience and adaptability will be key in weathering the storm and emerging stronger on the other side.
Leave a Reply