The cryptocurrency market printed broad red indicators as selling pressure mounted. The cumulative market capitalization decreased by a whopping 2.78%. It lost about $30 billion over the past day. However, the continuous downturn has led to huge liquidations of the most important digital assets.
Imminent collapse of the crypto market? According to data provided by Coinglass. The total liquidation recorded in the last 48 hours was approximately $144.71 million. The largest single liquidation order is recorded to occur on OKX with a value of $2.61 million.
The increased volatility in the market hurt futures traders long and short. However, the majority of the eliminated positions turned out to be Long positions. $114 million of the total liquidation (79.28%) turned out to be Long deals. This reflects that traders were expecting a recovery here when the market just fell.
Bitcoin (BTC), the world’s largest cryptocurrency, has been in continuous decline over the past 7 days. Bitcoin’s price has fallen by about 10% over this period. BTC is trading at an average price of $26,783. at the time of writing. 48-hour trading volume decreased by 8% to $42.7 billion.
This drop in Bitcoin price comes when it regained the crucial level of $30,000 recently after entering 2023 trading around $16,000. However, Bitcoin Dominance decreased by 0.61% on the day, to stand at 47.82%.
According to the data, Bitcoin options traders have been hit hard as BTC liquidations surpassed $50 million in the past 24 hours. Long positions worth $42.83 million (84.7%) were liquidated amid the recent price drop.-
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