Markets

Cryptocurrency Market Sees $290 Million in Daily Liquidations

Published

on

Over the past 24 hours, more than 75,500 cryptocurrency traders have liquidated their investments as prices of major digital assets have recovered.

Over $260 million in long positions have been liquidated in cryptocurrency markets.

Image by Shutterstock

Published on July 25, 2024 at 5:47 AM EST.

Wednesday’s sell-off on Wall Street extended to the cryptocurrency market, where the sector’s market capitalization fell 3.6% to $2.3 trillion.

At the time of writing, Bitcoin was trading at $64,260, down 2.5% over the past 24 hours. Ether saw a steeper decline to $3,177, down nearly 8% over the same period.

The negative price action led to large-scale liquidations, especially for traders who were betting on higher prices for the two major digital assets. Data from Coin glass shows that cryptocurrency traders have seen $290 million worth of liquidations in the past day, of which over $260 million was liquidated by long traders.

Ether liquidations surpassed $102 million, while Bitcoin liquidations surpassed $81 million. In total, over 75,500 traders saw their positions liquidated, with the largest single liquidation order taking place on a BTC/USDT pair on Binance worth $11.78 million.

The sell-off comes as bitcoin has recovered from weeks of volatility, triggered by the German government’s bitcoin sell-off and Mt. Gox starting to make distributions to creditors. As bitcoin’s price reclaimed the $68,000 mark earlier this week, most short-term bitcoin holders have returned to profitability.

“The recent price surge has also been a welcome relief for short-term bitcoin holders (STH), a proxy for new demand and recent buyers. This cohort saw over 90% of their supply go into losses at the end of July, putting them in a financially stressful position,” She said Glassnode analysts in their latest weekly newsletter.

Fuente

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version