$585,000,000 Crypto Liquidation Spree: Market Entering Bloodbath?
Main Idea
The cryptocurrency market experienced a significant liquidation event with $585 million wiped out in a day, primarily affecting Ethereum and Bitcoin, as traders faced high volatility and leveraged positions.
Key Points
1. $585 million was liquidated in the cryptocurrency market within a day, impacting 161,524 traders.
2. Ethereum was the most affected with $182 million in liquidations, followed by Bitcoin with $104 million.
3. Binance accounted for the largest share of liquidations among exchanges with over $26 million, followed by Bybit and OKX.
4. Over $407 million of the liquidations were from long positions, indicating traders were betting on further market gains.
5. Ethereum's price struggled to maintain momentum above $3,800, trading just below $120,000, with low volume raising doubts about bullish sentiment.
Description
Market took major hit, despite minor setback of Bitcoin
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