1. Bitcoin Has Declined More Than 3% In The Last 24 Hours
The rest of the crypto market has also not been spared, with the altcoins seeing a liquidation in the past day as its price has observed a cooldown.
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Bitcoin Has Declined More Than 3% In The Last 24 Hours
Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to the $56,600 level. The chart below shows what the asset’s latest performance has looked like.
During this plunge, Bitcoin briefly went down to the $55,600 level for the first time since the first-third of August. Despite the coin’s rebound, its price has been down more than 3% over the last 24 hours.
As a researcher delving into the dynamic world of cryptocurrencies, I’ve observed that even the alternative coins (altcoins) have been affected, with their returns matching or surpassing the turbulence experienced by the original digital asset. This recent market volatility has undoubtedly stirred up some changes, and it’s logical to anticipate a rearrangement in the derivatives sector as well
Crypto Derivatives Market Has Just Witnessed High Liquidations
Based on information from CoinGlass, there’s been a significant number of crypto derivative contracts being closed forcibly in the past day. This happens when a contract accumulates losses beyond a specific threshold (which can vary among platforms), causing the exchange to intervene and close it down
Below is a table that breaks down the latest liquidation data for the sector.
As is visible, the crypto derivatives market has seen $200 million in liquidations during the past day. Almost $170 million of the flush involved the long side, representing 85% of the total.
The heavy bias towards investors who are optimistic about the market’s performance, as observed during these liquidations, can be attributed to the fact that overall, the sector has experienced a significant decline within this timeframe
Bitcoin has topped the charts regarding the individual share of the liquidations, with $55 million in contracts related to the coin taking a beating.
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This pattern might indicate that the market has undergone a balanced correction, potentially resulting in increased price stability for this asset
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2024-09-05 11:11