Crypto Market Chaos: $290M in Bitcoin, Altcoin Liquidations in 24 hours

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Market-wide tremors in the world of cryptocurrency have sent waves of panic through Bitcoin and altcoin traders, wreaking havoc on their portfolios. A relentless downward spiral of Bitcoin’s price continues to shred support after support, leaving tens of thousands of traders nursing heavy losses that, in a single day, run into hundreds of millions of dollars.

Collective liquidations in the volatile crypto market have surged past the $290 million mark. Over the span of mere 24 hours, Bitcoin’s price suffered an alarming nosedive, plunging below $57,000 before making a minor comeback. The recovery, however, barely makes a dent in the damage that’s already been done, with those betting long on the market bearing the brunt of the massive losses in the past day.

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Data from Coinglass paints a grim picture, showing a staggering $292.8 million worth of crypto liquidations over the last day. An eyepopping 105,458 traders have lost their footing in the market and seen their positions liquidated, of which a whopping 88.61% were playing the long game. A damaging tumble by Bitcoin from $61,000 to $57,000 within the last 12 hours orchestrated a culling of $204.97 million in liquidations.

Bitcoin alone witnessed a loss of $91.7 million in liquidations, trailed closely by the second-largest cryptocurrency, Ethereum, with $69.86 million worth of liquidations. The single largest liquidation event occurred on the Huobi crypto exchange with the BTC-USD pair, where a solitaire liquidation call resulted in a loss of $10.49 million.

Binance, the reigning behemoth of the crypto exchange arena, has logged a harrowing $122.67 million in liquidations. This was followed by OKX exchange, which saw liquidations amounting to $89.83 million, and third in line, the Huobi exchange with $42.07 million liquidation losses. Bybit and CoinEx trailing behind at fourth and fifth positions with liquidations of $23.04 million and $9.42 million, respectively.

The swell of crypto market liquidations have been predominantly driven by long trades, in tandem with the drop in the Bitcoin price. Although the price appears to be displaying a tendency to rebound, flirting with the $57,900 mark, players favoring short trades now find themselves staring down the barrel.

Emerging data from Coinglass indicates a decrease in long liquidations, dropping from 88.61% to 56.48% in the span of an hour. If Bitcoin’s price maintains its upward momentum, short traders could potentially face further setbacks.

The turbulence hasn’t deterred the bull market, as Bitcoin’s daily trading volume has surged by a noteworthy 50%, totaling to a whopping $37.59 billion. For now, the upper hand seems to be with the bulls as they rally to develop support to ensure the recovery can find its footing. As of now, Bitcoin trades at $57,909, marking a 3.87% drop in the previous day. Overall, it’s looking at a weekly dip of 5.23% and a sizable monthly decline of 15.95%.