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Crypto Liquidations Today Wipe Out 185,000 Traders and $647 Million!
In a shocking turn of events, the crypto market has experienced unprecedented liquidation activity, with a staggering $647 million in losses across the board. This catastrophic event has affected no less than 185,000 traders worldwide, causing widespread panic and devastation throughout the community.
The surge in liquidations is attributed to a sudden and severe downturn in the market, triggered by escalating geopolitical tensions between global powers. The swift price reversal caught many bullish traders off guard, resulting in the catastrophic loss of $647 million and crippling of 185,000 trading accounts.
According to recent data, Bybit led the exchanges with $252.46 million in liquidations, followed closely by Binance at $137.57M and Gate at $96.57M. Notably, the majority of the affected positions were long, indicating a strong bias towards expecting upward price movement that ultimately collapsed.
In terms of market analysis, the RSI has reached an alarming 38.41, hinting at bearish exhaustion. Additionally, the Bollinger Band has been breached, pointing to potential oversold conditions and room for a short-term relief bounce.
Despite the dire circumstances, some select altcoins have emerged as top gainers in this chaotic session, including IP with +11.35% intraday gains, Four with +10.39% price surge, and Sonic with +7.68% gains.
Source: coinpedia.org
