The recent crash in the crypto market has left investors in a state of panic, particularly those holding Bitcoin and altcoins. The price of Bitcoin has been falling steadily, leading to tens of thousands of traders losing their positions and facing significant losses. In just the last 24 hours, the market has seen a substantial drop, with the Bitcoin price plummeting below $57,000 before making a slight recovery.
According to data from Coinglass, there have been $292.8 million worth of liquidations in the last day alone. A total of 105,458 traders have been liquidated, with the majority of them (88.61%) being long traders. The most significant liquidations occurred in the last 12 hours following Bitcoin’s decline from $61,000 to $57,000, resulting in $204.97 million in losses. Bitcoin, the leading cryptocurrency, saw $91.7 million in liquidations, while Ethereum experienced $69.86 million worth of liquidations.
One of the largest liquidation events took place on the Huobi crypto exchange, where a single liquidation call led to a loss of $10.49 million. Other major exchanges, such as Binance, OKX, Bybit, and CoinEx, also recorded significant liquidations ranging from $9.42 million to $122.67 million. The dominance of long trades in the liquidation process highlights the impact of Bitcoin’s price crash on traders.
Despite the significant losses suffered by long traders, there is a glimmer of hope as the price of Bitcoin begins to show signs of recovery. At the time of writing, Bitcoin has risen above $57,900, prompting shorts to feel the pressure. Data from Coinglass indicates a decrease in long liquidations from 88.61% in the last 24 hours to 56.48% in the last hour. This shift suggests that short traders may face challenges if the price continues to rise.
Despite the negative sentiment in the market, the Bitcoin daily trading volume has surged by 50%, reaching $37.59 billion. Bulls are beginning to establish support levels, which could be crucial for sustaining the recovery process. Currently, Bitcoin is trading at $57,909, marking a 3.87% decline in the last day. However, it has decreased by 5.23% on the weekly chart and 15.95% on the monthly chart, indicating ongoing volatility in the market.
This analysis sheds light on the aftermath of the recent crypto market crash, highlighting the impact on traders, exchanges, and the overall market sentiment. As investors navigate through the uncertainty, it remains essential to monitor price movements, trading volumes, and support levels to gauge the potential for a sustained recovery.
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