85% of crypto liquidations amounting to over $210m are attributed to long positions.

In the midst of the latest market turbulence, the cryptocurrency market has experienced a staggering $210 million worth of liquidations, with long positions accounting for 85% of this brutal blow.
According to data from Coinglass, a crypto analytics resource, market participants have suffered from the recent volatility, leading to a 4% drop in the price of Bitcoin (BTC) in the past 24 hours. A total of 92,298 traders have witnessed liquidations worth $210.26 million in both long and short positions.
The majority of these liquidations, amounting to $178.2 million, are linked to long positions, while short positions have seen liquidations worth $32.05 million. With long positions making up 84.7% of the liquidated trades, the sentiment has quickly shifted from bullish to bearish as the market turns red.
The current market instability can be traced back to Bitcoin’s retreat from its recent high of $67,183 on April 23. Following this peak, BTC experienced a significant correction, resulting in a 3.2% decline by the end of yesterday’s trading session.
This bearish momentum has continued, causing Bitcoin to fall below the psychologically important $64,000 threshold earlier today. The global cryptocurrency market capitalization has also dropped by 3.87% in the past 24 hours, now standing at $2.47 trillion, as altcoins venture into bearish territory.
As the leading cryptocurrency, Bitcoin has seen the largest liquidated positions among all crypto assets, totaling $44.6 million within 24 hours.
The liquidation trend was noticeable across the market on April 18, just before the most recent Bitcoin halving, resulting in a loss of $247 million. However, the Bitcoin halving, which took place on April 20, sparked renewed optimism and led to a resurgence of long positions as the market began to recover.
Despite the recent increase in liquidations, the derivatives market has seen a surge in volume, with trade volume increasing by 30% in the past 24 hours to reach $159 billion. This is due to an increase in short positions, with the long/short ratio currently at 0.7832.
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