Market Liquidations Cross $1.22 Billion Following Bitcoin’s Decline Below $23,000
Crypto market liquidations have not slowed down since bitcoin’s crash had dragged the rest of the market down with it. Now that the digital asset has crashed below $23,000, the liquidations have quickly ramped up. By Monday, liquidations had quickly crossed $500 million. Before the end of the day, the number had barreled above $1 billion. With the price fluctuating wildly, both long and short traders have found themselves suffering tremendously.
Crypto Liquidations Still Bad
The crypto market liquidations, although looking to have been declining in the early hours of Tuesday, remain just as bad. This is because despite falling below the $1 billion value, the price of bitcoin has not formed any significant support, indicating that there are more crashes to come. What this means is that liquidations are bound to continue.
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Presently, the liquidation numbers are sitting at $907 million at the time of this writing. While the majority of this is still from long traders due to the declining prices, the short traders are not far behind. Coinglass notes that about 52% are from long traders, which means the remaining 47% to 48% are from the short traders.
Naturally, the majority of the liquidation has been from bitcoin. The pioneer cryptocurrency has seen more than $460 million liquidated in the last 24 hours. Ethereum on the other hand has also seen large positions liquidated with $294.72 million positions having been liquidated.
BTC trading at low $22,000s | Source: BTCUSD on TradingView.com
The number of traders that were liquidated in this time frame remains about 200,000 though. With the largest single liquidation coming from the Bitmex exchange at a value of $4.46 million.
Worst Liquidations In Recent History
The current market trend is nothing to write home about. All of the charts are bleeding and investors are losing money right, left, and center. It has culminated in the largest and worse single liquidation event in recent history.
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It comes above that of the December 4th liquidations that saw more than 100,000 traders liquidated. However, it was nothing compared to what happened on Sunday. The last 12 hours alone have seen more than $500 million liquidated from the market, a figure that would be considered very high over a 24-hour period.
Altcoins such as SOL, ADA, and BNB have also seen their liquidations ramp up in the last 24 hours. It speaks to the market-wide crash that is rocking the whole market, despite digital assets such as Cardano holding up nicely in terms of price.
Featured image from NewsBTC, chart from TradingView.com
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