According to data provided by glass coinUp to $309 million worth of cryptocurrencies have been liquidated in the last 24 hours alone.
According to data provided by glass coinUp to $309 million worth of cryptocurrencies have been liquidated in the last 24 hours alone.
Long positions account for the vast majority of these liquidations ($272 million).
The largest liquidation order occurred on Binance, with one unlucky trader losing $15.36 million in a single day.
Tomiwabold OlajideBinance, the largest exchange by trading volume, leads by total liquidations with $122.36 million. OKX and Huobi come in second and third with $86.4 million and $48.8 million, respectively.
Earlier today, the price of the largest cryptocurrency plummeted to an intraday low of $60,700, triggering a series of sell-offs.
Many market participants were caught off guard by Mt. Gox, the now-defunct exchange, by announcing that it would begin payments the following month. Monday’s announcement exacerbated Bitcoin’s decline.
Some victims of the 2014 hack may be inclined to sell their assets. However, the level of selling pressure is likely overstated as the Mt. Gox claims have already been negotiated for years.
Yuri MolchanThe volatility could also be partly due to the crucial PCE Price Index data due out this Friday. PCE price index data will likely influence the US Federal Reserve’s rate cut decision.
That being said, Bitcoin’s Relative Strength Index (RSI) has now reached oversold territory on the daily chart, suggesting that the cryptocurrency could see a bounce in the near future due to overly bearish sentiment.
