Crypto Market Liquidation Surges As Bitcoin Falls To $60,000

Key Points:

• Over $300 million in assets were liquidated from the cryptocurrency market in the last 24 hours.
• Ethereum and Bitcoin led the liquidation, with over $97.65 million and $86.37 million cashed in, respectively.
• Despite the ongoing trend of liquidation, 81.49% of traders are still opting for long positions.

Crypto market liquidation reaches over $300M in the last 24 hours. Ethereum and Bitcoin saw the most liquidations. Despite the downturn, 81.49% of traders are opting for long positions.

An updated tally reveals that over $300 million in assets have been liquidated from the cryptocurrency market in the last 24 hours, marking another downtick since 8 April 2024. In the past two weeks, the market sentiment has been notably bearish due to various factors.

Ethereum Leads in Crypto Market Liquidation, Bitcoin Follows

Recent data from Coinglass indicates that in the past 24 hours, more than 108.919 cryptocurrency traders were liquidated, the total liquidations comes in at $325.91 million.

Ethereum leads in liquidation, with over $97.65 million cashed in, followed closely by Bitcoin at over $86.37 million. Notably, the largest single liquidation order occurred on Binance, where one trader liquidated ETHUSDT for a value of $5.03 million.

Binance witnessed the highest value of liquidations within the $325.91 million, with $131.07 million being liquidated.

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Possible Future Trends in Cryptocurrency Market

The ongoing trend of liquidation could indicate another downturn. However, Bitcoin and other coins might still see a slight increase, particularly as 81.49% of traders are opting for long positions. Given the continuous downturn in cryptocurrency, more liquidations are anticipated in the coming week.

Previously, Bitcoin reached a new record price of almost $73,000 on 11 March 2024, following the UK financial regulator’s approval of trading cryptocurrency-backed securities.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.