As an experienced analyst, I’ve seen my fair share of market volatility in the crypto space, and this latest Bitcoin crash is a stark reminder of the risks involved in trading digital assets. The sudden 5% drop in price to $61,000 level took investors by surprise, triggering a wave of liquidations that has left tens of thousands of traders in the red.
On Monday morning, the price of Bitcoin plummeted unexpectedly by 5%, reaching a new low at $61,000. This sudden decline caused a significant surge in trading volume and resulted in substantial crypto liquidations, with the total amount approaching $300 million within a day.
91,000 Crypto Traders Lose $282 Million Amid Bitcoin Crash
According to Coinglass’s data analysis, over ten thousand crypto investors faced liquidation of their leveraged positions within the past day. The resulting financial loss is estimated to exceed $500 million. This unfortunate turn of events follows the recent downturn in the cryptocurrency market, which was significantly influenced by Bitcoin’s price plunge.
As an analyst, I’ve observed that over 91,000 traders have seen their positions wiped out in the recent market downturn, resulting in a total loss exceeding $282 million. The Bitcoin and crypto market crash predominantly affected long traders, accounting for a staggering 91.59% of all liquidations.
Based on my findings as a researcher, Bitcoin led the way with significant liquidation volumes at approximately $103 million. Ethereum came in second place with around $64 million in liquidations, and Solana saw about $13 million worth of liquidations. Additionally, other cryptocurrencies contributed to the total with over $38 million in liquidations during this period.
As an analyst, I’ve observed that Binance accounted for approximately 35% of all liquidations with a total value of $102.9 million during the given period. On the other hand, OKX reported $82 million in liquidations. Following behind were Huobi, Bybit, and Bitmex, which saw $47.72 million, $21.33 million, and $15.15 million in liquidations, respectively. Among these exchanges, the largest single liquidation order of $10 million was executed on the Bitmex exchange for the XBTUSDT pair.
As I pen this down, over $230 million worth of liquidation occurred just in the past 12 hours, accounting for about 81% of the total recorded $282 million. Simultaneously, within the previous hour, liquidation volumes surpassed $102.5 million.
Although significant liquidation amounts were traded in the last 24 hours, it’s important to note that this is not a record for the month of June. This month has seen its fair share of market volatility and substantial liquidations. For instance, on June 7th, the Bitcoin price plummeted from $71,000 to $68,000, resulting in liquidation volumes amounting to $360 million.
On June 18th, trading volume for Bitcoin hit over $300 million in a 24-hour period as the price dipped from $67,000 to $64,000. If the Bitcoin price keeps declining, it’s likely that this volume will escalate rapidly, with a $300 million threshold being surpassed not a matter of if but when.
As a researcher studying the cryptocurrency market, I’ve observed that the Bitcoin price is experiencing some turbulence at the moment, hovering around the $61,000 mark. Over the past day, we’ve seen a nearly 5% dip in value. If the bulls can’t keep the price afloat here, there’s a significant risk that it could slide down towards the $50,000 region.
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2024-06-24 16:16