As a researcher with experience in the crypto market, I find the recent downturn deeply concerning. The sudden liquidation of over $130 million from traders across several centralized exchanges is a clear indication of the volatility and risks associated with investing in cryptocurrencies.
As a crypto investor, I’ve witnessed a disappointing turn of events in the market over the weekend. Despite a slight recovery from last week’s lows of $57,000 for Bitcoin (BTC) and $2,700 for Ethereum (ETH), the decline resulted in substantial losses. The downturn led to the liquidation of approximately $131 million from 71,245 traders across various centralized crypto exchanges (CEXs), including Binance, OKX, Bybit, and Huobi Global, now referred to as HTX. According to data from CoinGlass, Bitcoin traders faced a loss of around $24.3 million, while Ethereum traders suffered a significant hit of $19.09 million within the last 24 hours.
Binance Takes Massive Hit
Approximately $34.90 million in losses were experienced by traders who wagered on digital assets such as Solana (SOL), Dogecoin (DOGE), Ripple‘s XRP, and Worldcoin (WLD), with Bitcoin and Ethereum being the frontrunners.
As a market analyst, I’ve observed that long positions on cryptocurrencies, where traders bet on price increases within the past 24 hours, incurred substantial losses amounting to over $100 million. Conversely, short positions held by traders anticipating further market declines only yielded approximately $34 million in profits.
On Binance, the biggest single event of funds being forcibly sold occurred, amounting to $5.71 million.
In the past hour, a staggering $7.26 million worth of assets have been sold off on cryptocurrency exchanges, with OKX accounting for around $3.2 million of that amount. Binance came in second place, witnessing approximately $2 million in liquidation during this period.
As an analyst, I’ve observed that during the same timeframe, roughly $3 million worth of Bitcoin positions were liquidated, whereas Ethereum experienced about $1.29 million in exits from its protocol.
Bitcoin Slightly Recovers after Weekend Lows
In the face of the recent market turmoil that triggered over $130 million in losses, the crypto market’s present valuation hovers around the $2.26 trillion mark.
Over the weekend, I noticed Bitcoin’s price holding steady around the $60,000 mark. But just as I check in now, the cryptocurrency has bounced back slightly, trading at approximately $61,563 with a modest gain of 1.10% over the past 24 hours.
Based on information from CoinMarketCap, Bitcoin’s market capitalization is presently $1.21 trillion, and its trading volume over the last 24 hours amounts to $18.1 billion. This represents a substantial rise of 41.22% compared to the figures reported on Sunday.
In the cryptocurrency market, where Bitcoin holds the first position, Ethereum, as the second major player, demonstrated some signs of revival on Monday. The value of this digital asset peaked at $2,928 during early hours.
Among other cryptocurrencies, including Binance Coin (BNB), Toncoin (TON), and Cardano (ADA), are experiencing a revival and moving in an uptrend along with the broader market.
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2024-05-13 11:40