32,916 Traders Liquidated in Crypto Market as Market Slump Continues

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As a researcher with several years of experience in the cryptocurrency market, I find the recent market developments quite concerning. In the past 24 hours, over 32,000 traders have been liquidated, resulting in approximately $85 million in losses. The largest liquidation order took place on OKX, a Seychelles-based exchange founded in 2017, which lost around $4.24 million in an ETH/USDT pair.

Over 32,000 traders, who had bet on the price changes of Bitcoin (BTC), Solana (SOL), Notcoin (NOT), and PEPE in the last 24 hours, experienced a forced sale of their positions. The result was a loss of around $85 million for the market.

Centralized exchanges experienced exclusive liquidations, with OKX being the frontrunner based on data from CoinGlass. Notably, the largest liquidation order transpired on this Seychelles-established exchange, which was launched in 2017. The unfortunate event resulted in a $4.24 million loss for OKX in the ETH/USDT market pair.

In the past 24 hours, traders using Binance, Bybit, HTX (previously Huobi Global), and OKX experienced collective losses amounting to approximately $45 million. Among these platforms, Binance accounted for around 44%, Bybit for 36%, HTX for 10%, and OKX for 5% of the total liquidations.

Several factors have contributed to the recent liquidations of cryptocurrencies, with one significant cause being the market downturn that led Bitcoin’s price to dip below $60,000 to $58,000 on Monday – its lowest point this month. Over the past week, Bitcoin has experienced a 6% loss in value, making it the second-worst weekly decline of 2024. Consequently, Bitcoin’s market capitalization has dropped from $1.3 trillion to its current value of $1.22 trillion, causing ripples throughout the global digital assets market.

Currently, the total cryptocurrency market stands at $2.28 trillion, according to CoinMarketCap.

Analysts Predict Further Decline

In spite of the recent market turmoil caused by Bitcoin’s unexpected decline, analysts predict further decreases before any signs of a potential rebound.

As a researcher, I’ve recently come across Markus Thielen’s new findings from 10x Research. He points out that Bitcoin has been facing difficulties in surpassing certain resistance levels. This issue has resulted in what he calls a “double-top price pattern.” According to him, this pattern could potentially lead to a decline in Bitcoin’s price, possibly bringing it down to the $50,000 mark.

The speaker shared his perspective that Bitcoin’s price could shift from its present band of $60,000 to $70,000 towards a pattern suggesting potential drops, followed by a possible surge.

“He commented that Bitcoin’s price, currently oscillating between 60,000 and 70,000, could transition into a bearish pattern, possibly resulting in a more significant drop.”

Although the US presidential elections and the anticipated CPI release in 2024 might bring potential benefits to Bitcoin, there’s a possibility for a more substantial correction. Retail investors should be cautious as such market top patterns have historically left them exposed to risk, frequently leading to significant declines across various alternative cryptocurrencies, according to Thielen.

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2024-06-26 14:45