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Crypto Market Faces $435M Liquidation Frenzy Within 12 Hours
The crypto market is currently experiencing a major liquidation event, with over $435 million in assets being sold off within the past 24 hours. This unprecedented level of volatility has led to widespread losses for many traders who had bet on further price surges.
As the market continues to grapple with this sudden downturn, it appears that long positions have been hit particularly hard, with a majority of liquidated trades belonging to holders of these positions. It’s not uncommon for markets to experience periods of intense volatility, but events like these can be particularly devastating for those who were not adequately prepared.
In terms of the technical indicators, Bitcoin’s Relative Strength Index (RSI) has dropped below 45, which could signal a potential buying opportunity as traders look to snap up assets at discounted prices. On the other hand, Ethereum’s RSI remains around 48, indicating that sentiment is still quite bearish on this particular asset.
It’s worth noting that the three largest cryptocurrencies by market capitalization – Bitcoin, Ethereum, and Binance Coin – have been hit particularly hard, with Bitcoin alone experiencing over $200 million in liquidations. In fact, the price of Bitcoin has dropped from $95,096 to $90,920 within just a few hours, marking a 4.16% decline.
Despite the turmoil, trading activity has surprisingly surged, with Binance reporting a 30% spike in 24-hour Bitcoin trading volume and Ethereum experiencing a 25% increase over the same period. This could indicate that some traders are viewing the current downturn as an opportunity to accumulate assets at discounted prices.
Market analysts have warned that such liquidation events often lead to short-term corrections, but may ultimately pave the way for a more stabilized market once the dust settles.
Source: www.cryptonewsz.com
