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The cryptocurrency market is currently experiencing a wave of liquidations, with Bitcoin (BTC) and Ethereum (ETH) at the forefront. This article will explore the extent of these liquidations, the contributing factors, and the impact on the broader market.

Bitcoin and Ethereum Hit Hard

As of the latest data, Bitcoin has seen a total liquidation of $101.50M, making it the most liquidated asset in the market. The price of Bitcoin has dropped to $55,707.8, marking a 2.87% decrease over the last 24 hours. Ethereum, the second most affected cryptocurrency, has experienced liquidations totaling $38.44M, with its price falling to $2,912.87, a 3.53% decrease over the same period.

Other Major Cryptocurrencies Affected

The liquidation trend extends beyond Bitcoin and Ethereum, affecting several major altcoins:

  • Solana (SOL): With a total liquidation of $13.18M, SOL’s price has dropped to $132.08, down 5.12%.
  • Binance Coin (BNB): BNB has seen liquidations amounting to $7.13M, with its price falling to $499.09, a 2.65% decrease.
  • Dogecoin (DOGE): DOGE’s liquidations have reached $3.71M, with its price now at $0.1039, down 5.96%.

Exchange Liquidations

The liquidations have been particularly pronounced on certain exchanges:

  • OKX: Leading with $52.19M in liquidations, split between $2.20M in longs and $49.99M in shorts.
  • Binance: Reporting $9.42M in total liquidations, with $3.53M in longs and $5.89M in shorts.
  • Bybit: Witnessing $1.15M in liquidations, with the majority ($739.89K) being longs.

The total liquidations chart reveals a significant spike in liquidations over the past 24 hours, with a notable increase in both long and short positions. The largest single liquidation order occurred on OKX for the BTC-USDT-SWAP pair, valued at $22.24M.

Market Sentiment and Analysis

The current liquidation trend is fueled by several factors, including market volatility, investor sentiment, and regulatory concerns. The Fear & Greed Index indicates a heightened level of fear among investors, contributing to the sell-off.

Conclusion

The cryptocurrency market is undergoing a significant correction, with massive liquidations impacting Bitcoin, Ethereum, and other major altcoins. As the market navigates these turbulent times, investors are advised to stay informed and exercise caution. The coming days will be crucial in determining the market’s direction and stability.

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