The cryptocurrency market has experienced a tumultuous 24 hours, marked by notable price declines across major assets and substantial liquidations, primarily affecting long positions.
Bitcoin (BTC), the leading cryptocurrency, is currently trading at $101,881.32, down 0.65% in the last hour and 1.42% over the past 24 hours. Ethereum (ETH) has seen a more pronounced dip, falling 3.84% in the last hour and 4.48% over 24 hours to a price of $2,301.69.
Other top cryptocurrencies are also in the red. XRP is trading at $2.04, down 1.70% in the last hour and 3.29% over 24 hours. BNB is at $627.57, reflecting a 0.76% hourly and 2.27% daily decrease.
Solana (SOL) has also experienced a significant downturn, dropping 2.47% in the last hour and 3.78% in the past 24 hours to $134.41. Tether (USDT) remains stable at $1.00, showing minimal fluctuation.
These price movements have led to widespread liquidations across the market. In the past 24 hours alone, a staggering 157,325 traders were liquidated, with total liquidations reaching $562.10 million. The majority of these liquidations were long positions, accounting for $515.92 million, while short liquidations totaled $46.18 million.
Breaking down the liquidations further:
- Last 1 hour: Total liquidations were $376.61 million, with $363.99 million in long liquidations and $12.62 million in short liquidations.
- Last 4 hours: Total liquidations reached $436.34 million, comprising $418.90 million in long liquidations and $17.45 million in short liquidations.
- Last 12 hours: Total liquidations stood at $512.07 million, with long liquidations at $483.95 million and short liquidations at $28.12 million.
The largest single liquidation order in the past 24 hours occurred on HTX, involving an ETH-USDT value of $9.15 million.
The current market conditions indicate a period of high volatility and a significant deleveraging event, particularly for traders holding long positions. Investors are advised to exercise caution as the market continues to react to these movements.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/crypto-market-sees-significant-liquidations-amidst-eth-and-btc-price-drops/