Crypto Market Witnesses Massive Liquidation Amid Recent Price Plunge

• About 99,014 traders have been liquidated, with a total of $286.26 million being recorded.
• The precise amount of liquidation on Bitcoin for the day was $69.2 million.

The market has seen massive liquidation as the values of cryptocurrencies, especially Bitcoin, have fallen precipitously in the last day. The liquidation of some of these digital assets exceeded $286 million in leveraged crypto positions.

In the last 24 hours, about 99,014 traders have been liquidated, with a total of $286.26 million being recorded, according to on-chain statistics from CoinGlass. The precise amount of liquidation on Bitcoin for the day was $69.2 million, with long transactions totaling $44.92 million and short trades amounting to $22.29 million. At around the same period, Ethereum had a higher rate of liquidation than Bitcoin.

There was a $91.73 million liquidation on ETH. Dogecoin (DOGE), Solana (SOL), and other digital assets reported a combined liquidation of $40.20 million. There were a few hundred dollar liquidations for other cryptocurrencies.

Negative Investor Sentiment

Several prominent exchanges, such as Binance, OKX, ByBit, Huobi, and Bitfinex, were affected by the large liquidation. As the liquidation erases any gains that were made earlier, traders have gone into panic mode due to the frightening sell-off and the market outlook.

Bitcoin has fallen 4.69 percent in the previous day, and is now trading at $60,382 as per data from CoinMarketCap. A number of important technical indicators have shown a shifting technical structure, raising the prospect of falls below $60,000 or even lower.

Some are wondering whether the underlying cryptocurrency’s price decline is related to the spot Bitcoin ETF excitement that began a few months before the halving. Even the introduction of a spot Bitcoin ETF to the Hong Kong market failed to appease buyers. The first day’s trade volume was lower than anticipated.

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