Crypto Liquidation Positions Surge To $456M In 24 Hours

Key Points:

• $456 million was liquidated across the crypto network recently.
• Despite downturns, slight crypto increases are anticipated.

Crypto liquidation positions totaled $456M in 24 hours, with long positions accounting for $391M. Despite the downturn, a rise in Bitcoin and other cryptocurrencies is expected.

According to Coinglass data, there has been quite some liquidation across the cryptocurrency network in the last 24 hours. In all, $456 million was liquidated. Breakdown shows that $391 million were long positions that were liquidated, while $65.7 million involved short positions.

Crypto Liquidation Position: A Breakdown of Recent Losses

Ethereum suffered the most at $90.9M, while Bitcoin followed closely with liquidations worth $73.7M. DOGE also suffered a significant amount of liquidation at $61 million.

One of the notable events was the largest single liquidation order that took place on Binance, where a single trader liquidated an Ethereum-to-USDC trade worth $6.4371 million. The highest overall liquidation value was actually on Binance, totaling $23.4 million liquidated within $51,6 million overall.

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Predicted Market Trends Amidst Cryptocurrency Downturns

These liquidations mark another downturn since 10 June 2024 and reflect the notably bearish market sentiment in the past two weeks.

Despite these downturns, possible slight increases in Bitcoin and other cryptocurrencies are anticipated. A contributing factor could be that 83.26% of traders are currently opting for long positions.

The continuous downturn of the cryptocurrency market may suggest that this upcoming week may still see more liquidations. However, cryptocurrency enthusiasts might cheer up when looking at that Bitcoin did hit a record price close to $72,000 on 3 June 2024.