A total of $731.93 million was liquidated on the cryptocurrency market in the last 24 hours. Traders liquidated their holdings totaling 213,729 throughout the period, which caught many by surprise given the recent strong trend in the market. The market lost a total of $731.93 million due to both long and short positions.
Bitcoin (BTC) accounted for $140.06 million of the $585.86 million in long positions that were liquidated, as its price fell 2.63% to $115,356 (according to statistics from CoinGlass). Also, Ether (ETH) faced $104.76 million in long liquidations.
Sentiment Remains Strong Despite Massive Sell-Off
Bitcoin hit a fresh all-time high of $123,100 on July 14, and many were hoping the trend would keep going. Over the course of the last day, 213,729 traders were liquidated. For a total of around $600 million due to the abrupt decline in the cryptocurrency market. On Friday, when the price of Bitcoin fell below $116,000 and the market as a whole tumbled, more than half a billion dollars worth of long positions were liquidated across the cryptocurrency market.
This comes after many figures in the cryptocurrency sector recently predicted that prices would continue to rise in the market. The CEO of Galaxy Digital, Michael Novogratz, said on Thursday that the price of Ether would hit $4,000.
Yet, investors are taking precautions in case Bitcoin’s price suddenly reverses. About $3.07 billion worth of short positions may be liquidated if prices reverted to Thursday’s $119,500. A “Greed” score of 70 was recorded by the Crypto Fear & Greed Index in its Friday update, indicating that optimistic sentiment persists despite the dip.
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Source: https://thenewscrypto.com/crypto-market-liquidations-top-730m-amid-bitcoin-price-slump/