As a seasoned analyst with over two decades of experience in the financial industry, I’ve seen my fair share of market turbulence. The recent $1.04 billion liquidation event within 24 hours is a stark reminder of the rollercoaster ride that is cryptocurrency trading.
Over the past day, there’s been an astounding $1.04 billion worth of assets being sold off or closed, a sudden event that has led to numerous positions being terminated. This turmoil has even affected some prominent figures in the cryptocurrency market. There have been whispers on Twitter hinting at Justin Sun, the influential figure behind Tron, potentially experiencing a forced sale of his holdings.
The statistics paint a vivid picture of the turmoil. Long positions bore the brunt, with $898.57 million worth of liquidations compared to $139.79 million in short positions. Bitcoin alone saw $348.01 million in liquidations, predominantly from long positions ($299.21 million), while Ethereum faced $341.16 million, with long positions accounting for $296.41 million.
Amidst the volatile market conditions, a staggering 273,033 traders faced liquidation incidents, with the largest individual transaction, an impressive $27 million, being executed on Huobi’s Bitcoin-US Dollar trading pair. These statistics highlight the present market turbulence and the significant stress experienced by traders using leverage.
Let me clarify some misconceptions: Our positions aren’t being shut down. We seldom employ highly-leveraged trading tactics since we feel they don’t substantially contribute to the industry. Instead, we focus on actions that offer more substantial backing to our sector, which…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024
In the face of rumors, Justin Sun has clarified his financial situation. Sun and his team have denied allegations of major liquidations, asserting that they seldom participate in high-stakes leveraged trading. Instead, their efforts are concentrated on long-term and productive industry endeavors, including staking, managing nodes, and aiding project liquidity.
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2024-08-05 10:44