Market Liquidations Shake Crypto Industry
The cryptocurrency market witnessed a significant wave of liquidations in the past 24 hours, totaling a staggering $1.52 billion. This massive sell-off was triggered by a flash crash in Bitcoin (BTC), leading to intense market volatility and widespread losses across the board.
Longs vs. Shorts
- Long positions accounted for $1.39 billion of the total liquidations, highlighting the extent of the sell-off.
- Short liquidations amounted to $137 million, adding to the overall market turmoil.
Altcoins Hit Hardest
Altcoins bore the brunt of the sell-off, with over $759 million in liquidations occurring within just one hour. This rapid and widespread liquidation event underscored the speed at which the market can shift during periods of intense volatility.
Bitcoin’s Rollercoaster Ride
Bitcoin’s price plummeted to an intraday low of $94,129 before bouncing back to around $97,000 at the time of writing. This sharp downturn triggered $83.99 million in liquidations within the last four hours, primarily affecting long traders.
Altcoin Bloodbath
- Ethereum (ETH) saw $134.50 million in liquidations, dropping to $3,510 before recovering slightly.
- Dogecoin (DOGE) faced substantial liquidations of $51.55 million, struggling to maintain critical support levels.
Key Players in the Sell-Off
The rapid sell-off was fueled by a mix of over-leveraged positions, weak market sentiment, and cascading stop-loss orders. Major exchanges like Binance, OKX, and Bybit witnessed significant liquidations, contributing to the overall market turmoil.
Extreme Greed Amid Chaos
Despite the massive liquidations and intense volatility, the crypto Fear and Greed Index remains in Extreme Greed territory at a score of 78. This indicates that market participants are still optimistic about the long-term prospects of cryptocurrencies.
Market Snapshot
At the time of writing, Bitcoin is down 3.25% over the past 24 hours, with a market capitalization of $1.91 trillion and a 24-hour trading volume of $103.65 billion. The total crypto market is valued at $3.44 trillion, with Bitcoin dominance at 55.69%.
