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Bulky liquidations accompanied the downward trend of bitcoins after breaching the $60k resistance. Statistics reveal that liquidations amounted to around $2.24 billion in the last 24 hours.
Bears had a stronghold in the industry following a bitcoin boom. At the time, the leading digital currency reached the $60k mark, racking past $62k before retracing.
Sensing that the stock was over-purchased, the bulls took over. Markets have undergone a bloodbath in the last 24 hours, with the top cryptocurrencies seeing a major fall between 6% and 10%. Which culminated in a substantial fall in the overall market cap for cryptocurrencies. It’s down by 5%, and now it’s $1.71 trillion.
There are major liquidations in a number of exchanges. About 186,000 traders have liquidated their positions in the last 24 hours alone. Bybit’s report showed that there were around $2.23 billion worth of liquidated futures contracts in that time.
As predicted, Bitcoin accounts for a large portion of the overall volume liquified. About $1.74 billion in bitcoin was liquidated, followed by Ethereum at $210. BNB, CHZ, LTC, DOT, ADA, and BCH are among the most liquidated digital properties in the last 24 hours.
Eight main exchanges paid for nearly $14.3 million in liquidations. Seychelles-based cryptocurrency exchange, Huobi, experienced the highest single liquidation order of $18.94 million.
Liquidations Nothing Out of the Usual
This kinds of mass liquidations are a widespread practise after bullfighting. As bitcoin hits significant price points, many sellers also choose to make money, usually out of fear that markets will be over-purchased. As bitcoin dipped 18 percent late last month, over $5.6 billion was liquidated across 645k positions on major exchanges.