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Crypto Liquidations Near $800 Million After Bitcoin’s Crash Under $100,000
The cryptocurrency market has witnessed a drastic downturn in the past 24 hours, with Bitcoin plummeting below $100,000. The sudden price crash has led to a massive amount of liquidations across various exchanges, with data suggesting that nearly $790 million worth of contracts have been wiped out.
The vast majority of these liquidations, approximately 84%, were long positions, indicating that traders who had taken on large bets in anticipation of further market growth found themselves struggling to keep up with the sudden downturn. The sheer scale of this event is unprecedented and serves as a stark reminder of the volatile nature of the cryptocurrency space.
Notably, Bitcoin and Ethereum have been at the forefront of these liquidations, accounting for over 60% of the total amount. XRP, Dogecoin, and Solana have also contributed significantly to the overall figure, with $40 million, $29 million, and $23 million worth of contracts being eliminated respectively.
It’s essential to recognize that this sudden shift is not without precedent in the cryptocurrency space. Market volatility often leads to periods of heightened speculation, resulting in a rush of leveraged trades. Unfortunately, when these speculative bets fail to materialize, they can trigger widespread liquidations and a subsequent crash.
Despite the chaos brought about by this event, it’s essential for traders to take note that the Bitcoin Open Interest has been steadily climbing alongside recent price action. This suggests that market sentiment remains optimistic, with many still betting on further growth in the short term.
In conclusion, while the recent market downturn may have led to a significant amount of liquidations, it remains to be seen whether this will mark a turning point for the cryptocurrency space.
Source: bitcoinist.com
