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Crypto Market Faces $176M Liquidation Amidst BTC Downturn

Navigating Volatility: Insights into the $176M Crypto Liquidation and Bitcoin's Resilience in 2023.

by Alexander
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December 25-26 witnessed a significant crypto market shakeup, with a $176 million liquidation wave. The downturn, spurred by a 2% BTC dip to $42,750, impacted long positions on major exchanges like Binance, OKX, and Bybit.

Altcoins Join the Plunge: Solana and ORDI Amplify Losses

Notably, altcoins such as Solana (SOL) and ORDI contributed substantially to the overall losses during this period. The daily liquidation volume peaked at $176.53 million, emphasizing the widespread impact on both traditional players like Bitcoin and Ethereum, as well as emerging altcoins.

Major Exchanges Hit: Binance, OKX, and Bybit Feel the Impact

Source: Coinglass

The daily liquidation volume hits $176.53 million, predominantly affecting long positions on major exchanges like Binance, OKX, and Bybit. This trend aligns with BTC’s 2% decrease, settling at $42,750.

Bitcoin’s Resilience in 2023: A 163% Growth Despite Recent Dips

Despite the recent downturn, Bitcoin exhibited resilience in 2023, outperforming global stock markets and gold with an impressive 163% growth. Experts attribute this success to expectations of lower interest rates, easing regulatory scrutiny by the U.S. government, and the anticipated approval of a Bitcoin ETF by the SEC.

Optimism Prevails: Analysts Predict Further Crypto Expansion in 2024

As the new year unfolds, optimism remains high in the crypto market. Analysts foresee continued expansion, fueled by Bitcoin’s past resilience and positive expectations in regulatory developments and market dynamics.

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