After an impressive upward rally, the overall cryptocurrency market fell considerably again and knew almost all its winnings. This sharp decline has not only taught fear among investors, but has also led to liquidations of several millions of dollars from intraday traders, as reported by the on-chain analysis company Coinglass.
Data from Coinglass showed that approximately 222,235 traders were liquidated in the midst of continuous market insecurity, which resulted in a total liquidation of $ 801.30 million in cryptocurrencies. Supplementary, Coinglass Data also showed that the largest order with a few liquidation took place on BitMex.
From these substantial liquidations in the last 24 hours the majority came from long positions, with more than $ 665 million in long positions liquidated. This important liquidation with long position was probably the result of the Bullish sentiment of traders yesterday after the announcement of the strategic reserve of Crypto.
In addition to these liquidations, top assets have plummeted considerably, including Bitcoin (BTC), Ethereum (ETH), XRP and Solana (SOL). Data from Coinmarketcap showed that these assets have lost more than 9%, 15%, 18%and 20%of their value in the last 24 hours.
Nowadays Bitcoin (BTC) is traded almost $ 85,410 after a price drop of 9%. This remarkable decrease has led to an increase of 30% in trade volume, which indicates increased participation of traders and investors.
Credit : coinpedia.org
