As a seasoned crypto investor with battle-tested nerves and a knack for navigating market storms, I must admit that the recent bearish wave has been quite a rollercoaster ride. With over $1 billion in liquidations in just 24 hours, it’s clear that even the most experienced traders are feeling the heat.
The value of cryptocurrencies has been trending downward, causing more than a billion dollars worth of positions to be closed due to unfavorable market conditions.
As per information from Coinglass, the total crypto liquidations have soared to $1.06 billion, representing a significant jump of 454% in the last 24 hours. Approximately 85% or $900.6 million of this amount is associated with long trading positions – these traders had anticipated a continued price rise for their trades.
Approximately 278,000 traders experienced a forced closure of their positions in the last day. The most significant single instance occurred on the Huobi cryptocurrency platform, with a value of around $27 million.
Over the last 24 hours, Bitcoin (BTC) has triggered liquidations worth approximately $362 million, while Ethereum (ETH) is not far behind with about $345.7 million in liquidated positions.
As an analyst, I’ve been observing the market trends based on data from Coinglass, and here’s what I found: Binance is dominating the scene with a whopping $412 million in liquidations. To be more specific, this figure includes $342.6 million from long positions and another $69.9 million from short trades. Coming in second place is OKX crypto exchange, which recorded $319.4 million in liquidations, with $261 million from long positions and $57.9 million in short trading positions.
As a researcher examining the crypto market, I’ve observed a significant decrease of approximately 18.7% in the total open interest, now standing at roughly $47 billion, as per the latest data from Coinglass.
Over the last day, there’s been an uptick in cryptocurrency liquidations as the overall market grapples with a gloomy downward trend, or what might be called a “bearish weather.” As reported by CoinGecko, the global crypto market value has dropped by 13.4%, currently standing at approximately $1.94 trillion.
Contrarily, the overall crypto trading volume rose significantly by 155%, surpassing the $220 billion milestone on a daily basis.
As an analyst, I’m reporting that Bitcoin, the foremost cryptocurrency, has dipped by a considerable 12% over the past 24 hours. At the moment of writing, it’s trading at approximately $52,880. The value even dipped as low as $49,121 earlier today, and its market capitalization briefly fell below the $1 trillion threshold.
Certain experts believe that a possible contributing factor to the broad market decline could be the intensification of the Iran-Israel dispute. This tension might lead to a broader impact on financial markets across the globe, including cryptocurrencies.
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2024-08-05 11:37