Crypto Market Crash: The global digital asset market printed broad red indexes as selling pressure mounts up. The cumulative market is down by a massive 2.78%, losing around $30 billion over the past day. However, the ongoing decline has triggered massive liquidation of the top digital assets.
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Crypto Crash Imminent?
As per the data provided by Coinglass, the total liquidation recorded in the last 24 hours stands at around $144.71 million. The single largest liquidation order was registered to happen on OKX crypto exchange BTC-USDT-SWAP value of $2.61 million.
The increased volatility of the market has caused both long and short futures traders. However, the majority of the position liquidated turned out to be long. $114 million of the total liquidation (79.28%) turned out to be long positions. This reflects that traders were expecting a recovery here while the market just declined.
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Bitcoin (BTC), the world’s largest crypto price is on a constant decline over the past 7 days. Bitcoin price dropped by almost 10% over this period. BTC is trading at an average price of $26,385, at the press time. Its 24 hour trading volume registered a drop of 8% to stand at $42.7 billion.
This Bitcoin price drop comes in when it regained the crucial $30K level after entering the year 2023 trading around $16K. However, Bitcoin dominance dropped by 0.61% over the day to stand at 46.31%.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/crypto-crash-liquidation-nears-150-million-bitcoin-drop-4/