Cryptocurrency traders were hit with a wave of panic as the broader crypto market witnessed a staggering $286 million in liquidations over the past 24 hours. The plunge in prices, particularly affecting Bitcoin and Ethereum, has left investors jittery, with concerns mounting over the market’s future trajectory.
Market Turmoil: $286M Liquidated in 24 Hours
In a dramatic turn of events, the crypto market experienced a massive liquidation spree totaling over $286 million within the last day. According to data from CoinGlass, a staggering 99,014 traders faced liquidation as leveraged positions across various digital assets were forcibly closed. Notably, Bitcoin alone accounted for $69.2 million in liquidations, with Ethereum witnessing a substantial $91.73 million in losses. Other cryptocurrencies, including Solana and Dogecoin, collectively recorded liquidations amounting to $40.20 million.
Binance Records Largest Single Liquidation
The liquidation frenzy swept across several prominent exchanges, including Binance, OKX, ByBit, Huobi, and Bitfinex. Binance, in particular, saw the largest single liquidation event. While the exact triggers for this market turmoil remain unclear, speculation looms over the recent legal developments involving Changpeng ‘CZ’ Zhao, the CEO of Binance.
Bitcoin Struggles Below $65,000
Bitcoin, the leading cryptocurrency, bore the brunt of the sell-off, plunging below the crucial $65,000 mark. After reaching highs of $73,000 in March and finding support near $65,000 in recent weeks, Bitcoin’s price plummeted to $60,437.79, marking a significant 4.11% decline in just 24 hours. Analysts point to various technical indicators signaling potential further declines, with fears mounting over the coin’s lackluster performance post-halving.
Ethereum Follows Suit, Down 6.46%
Ethereum, the second-largest cryptocurrency by market capitalization, mirrored Bitcoin’s downward trajectory, dropping by 6.46% to trade at $2,971.75. The broader market sentiment has been dampened by Ethereum’s decline, amplifying concerns over the overall health of the crypto market.
Despite the current downturn, analysts remain divided on the prospects of cryptocurrencies. While some foresee a potential resurgence, with Bitcoin possibly reaching heights of $70,000 or even $100,000 post-halving, others remain cautious amidst the ongoing market volatility and regulatory uncertainties.
