$13 million in crypto liquidations after altcoin leverage hits all-time high – Details
Main Idea
The cryptocurrency market experienced significant liquidations totaling $13 million, with Ethereum, DOGE, and ENA being the hardest hit, as altcoin leverage reached an all-time high of $45 billion, indicating market fragility and potential for further volatility.
Key Points
1. Ethereum (ETH) led the losses with $7.95 million in liquidations, followed by Bitcoin (BTC) with $2.2 million, and DOGE and ENA with $1.55 million and $1.17 million, respectively.
2. Altcoin Open Interest hit a record $45 billion before the sell-off, highlighting market fragility and overheated leverage.
3. The surge in leverage suggests the market may need a cooling-off period, with traders likely to become more cautious about aggressive long positions.
4. Solana (SOL) also saw notable liquidations, though under $1 million.
5. The high leverage and subsequent liquidations indicate potential for further volatility unless market conditions stabilize.
Description
Ethereum, DOGE, and ENA took the hardest hits as traders paid the price for euphoria.
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