🌋 Massive Crypto Liquidations: Over $1.7 Billion in a Day
posted 10 Dec 2024
The crypto market saw massive liquidations in the last 24 hours. According to CoinGlass data, 563,432 traders were liquidated, with the total liquidation amount exceeding $1.7 billion.
Long positions accounted for over $1.5 billion, while short positions totaled over $185 million.
Bitcoin liquidations totaled $183 million, Ethereum $241 million, Solana $57 million, and Dogecoin $94 million, along with other large wipeoffs.
This was the biggest liquidation since December 2021 and the largest in the current bull cycle, caused by Bitcoinâs brief drop below $95,000. The price then increased again and is currently hovering around $97,000.
The overall crypto market cap decreased by 3.78% in the last 24 hours, falling to $3.46 trillion.
Total liquidations of cryptocurrencies. Source: coinglass.com
Liquidations happen when traders are forced to sell off their positions, typically to cover losses or meet margin requirements. This often occurs when a trader has used leverage - borrowed money to maximize their trades - and the market moves against them.
The recent liquidation serves as a reminder of the importance of risk management and caution when engaging in high-risk trades.
Despite the recent drop, however, the market remains bullish, with a potential for Bitcoin to reach a new all-time high. The coin recorded its highest price on December 5, 2024, hitting $103,900.
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