🌎 Crypto Liquidations Hit $534 Million Amid Market Volatility

Cryptocurrency Liquidations Surge to $534 Million Amid Market Consolidation

Cryptocurrency liquidations have witnessed a significant surge, with a 43% increase in the past 24 hours, reaching a total of $534 million, according to recent data.

Long and Short Positions Affected

Over $352 million in long positions and $181 million in shorts have been wiped off the market. The total number of liquidated traders has surpassed the 200,000 mark, indicating a substantial impact on the market.

XRP Leads in Liquidations

XRP has taken the lead with $69 million in 24-hour liquidations, comprising $36 million in longs and $33 million in shorts. The asset has experienced a remarkable 400% rally over the last 30 days, reaching a local high of $2.85.

Bitcoin Sees Substantial Liquidations

Bitcoin has also seen significant liquidations, with $60 million in the past 24 hours, consisting of $40 million in longs and $20 million in shorts. The largest single liquidation order occurred on Binance, valued at $2.1 million in BTC/USD perpetual contract.

Altcoins Affected by Bitcoin’s Price Movement

Small-cap altcoins have registered roughly $108 million in liquidations as Bitcoin’s price fall triggered FUD (fear, doubt, and uncertainty) among market participants, initiating a short-term selloff.

Crypto Exchanges See High Liquidations

Binance has been leading with $222 million in daily liquidations, with 63% of them being longs. OKX and Bybit crypto exchanges have also recorded substantial liquidations, with $134 million and $124 million, respectively.

Mixed Signals in the Crypto Market

Despite the increased liquidations, the crypto market has been moving sideways around the $3.66 trillion zone. Investors have bought over $1.2 trillion in cryptocurrencies over the past month, and the daily crypto trading volume has increased by 38% to $375 billion.

Bitcoin’s Price Movement Impacts the Broader Ecosystem

Bitcoin’s price movements continue to have a significant impact on the broader ecosystem. Investors are closely watching the $100,000 price point for the flagship cryptocurrency.

Investors should be cautious and conduct thorough research before making any investment decisions. Cryptocurrency markets can be highly volatile, and it’s essential to stay informed about market trends and analysis.