Recent Developments in the Crypto Market
In the last 24 hours, the cryptocurrency market witnessed liquidations exceeding $259 million, with Ethereum facing the brunt of these losses, amounting to $73.16 million. Bitcoin experienced significant price fluctuations between $67,000 and $65,400, further intensifying market volatility.
Liquidation Statistics
According to data from Coinglass, a total of 86,408 traders experienced liquidations, with the most notable liquidation order reaching a staggering $9.63 million on OKX’s BTC-USDT swap. Here’s a breakdown of the liquidation data:
- Long Positions: $186.31 million
- Short Positions: $78.61 million
Recent Exchange Liquidations
In a significant uptick during the last four hours, exchanges reported the following liquidation amounts:
- Binance: $9.40 million (73.55% from long positions)
- OKX: $4.70 million (over 86% from long positions)
- Bybit: $3.93 million (with a similar long position trend)
Market Insights
The cumulative liquidations highlight increased market activity, likely signaling a trend of over-leveraging among traders. This comes on the heels of Bitcoin’s Open Interest reaching an all-time high.
Liam ‘Akiba’ Wright
Liam Wright, also known as “Akiba,” is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He is a strong advocate for the potential of decentralized technology to inspire positive societal change.
