Crypto Market In Panic As Bitcoin Crash To $57,000 Sends 105,000 Traders To The Slaughter

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As a researcher with extensive experience in the crypto market, I cannot help but feel a sense of unease as I observe the current state of panic and widespread losses. The market-wide crash has left many traders reeling from the impact, with hundreds of thousands of positions liquidated in just the last day alone.

As a researcher studying the crypto market, I’ve observed that a widespread panic has gripped the market following a significant crash. Bitcoin and altcoins have been adversely affected by this downturn, with Bitcoin’s price continuing to plummet despite various levels of support. This unfortunate turn of events has resulted in tens of thousands of traders suffering losses, amounting to hundreds of millions of dollars within the last day.

Crypto Market Liquidations Cross $290 Million

Over the past 24 hours, Bitcoin’s value has plummeted, dipping beneath $57,000 at one point. Though it has since rebounded, the decline caused significant harm. Most notably, long-term investors have incurred substantial losses during this period.

Based on Coinglass’s data analysis, I uncovered that approximately $292.8 million in crypto assets have been liquidated within the past day. This figure represents 105,458 traders who were forced out of their positions. A staggering 88.61% of these traders held long positions. The most significant liquidations occurred during the last 12 hours following Bitcoin’s price drop from $61,000 to $57,000, resulting in around $204.97 million being wiped out.

As an analyst, I’ve observed that Bitcoin and Ethereum have experienced significant liquidation events, with Bitcoin accounting for approximately $91.7 million and Ethereum for around $69.86 million in total losses. Notably, the largest single liquidation occurred on Huobi exchange within the BTC-USD market, resulting in a loss of over $10.49 million for an unfortunate trader.

As a crypto investor, I’d put it this way: The trio of Binance, OKX, and Huobi led the pack in terms of liquidations during the recent market turbulence. Binance recorded a significant $122.67 million, OKX followed closely with $89.83 million, and Huobi saw $42.07 million worth of liquidations. Bybit and CoinEx came next, reporting $23.04 million and $9.42 million in liquidations respectively.

Bitcoin Recovery Could Change Trajectory Of Liquidations

I’ve observed in my analysis that long trades have been the primary target for crypto market liquidations due to the persistent downtrend in Bitcoin’s price. However, with the price making a comeback and surpassing $57,900 at present, the situation is starting to shift in favor of shorts. This turnaround could potentially lead to increased pressure on long positions.

The data from Coinglass indicates a significant decrease in long liquidations, dropping from 88.61% within the past 24 hours to just 56.48% within the last hour. As prices continue to ascend, short traders, fueled by the prevailing bearish sentiment, may experience further losses.

Although the favorable outlook has weakened, the Bitcoin daily trading volume has experienced a substantial increase of around 50%, reaching a total of $37.59 billion. At present, bulls are attempting to establish a foundation, indicating a potential buy opportunity if the market is set to rebound from this stage.

I’ve analyzed the current market situation of Bitcoin, and I can report that its price stands at $57,909 as of now. However, there’s been a 3.87% decrease in the last 24 hours. If we widen the time frame to a week, we observe a more significant loss of 5.23%. And on a monthly chart, Bitcoin has experienced a substantial decline of 15.95%.

Crypto Market In Panic As Bitcoin Crash To $57,000 Sends 105,000 Traders To The Slaughter

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2024-07-04 17:10