Crypto Liquidation Nears $150 Million; Bitcoin Fears To Drop Under $26K

Ashish Kumar
May 12, 2023
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Crypto Market Selloff: Here's Why Bitcoin, ETH, XRP Risks Massive Liquidations

Crypto Market Crash: The global digital asset market printed broad red indexes as selling pressure mounts up. The cumulative market cap is down by a massive 2.78%, losing around $30 billion over the past day. However, the ongoing decline has triggered massive liquidation of the top digital assets.

Also Read: CZ Seeking To Dump Binance.US Stakes Amid CFTC Probe

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Crypto Crash Imminent?

As per the data provided by Coinglass, the total liquidation recorded in the last 24 hours stands at around $144.71 million. The single largest liquidation order was registered to happen on OKX crypto exchange BTC-USDT-SWAP value of $2.61 million.

The increased volatility of the market has caused both long and short futures traders. However, the majority of the position liquidated turned out to be long. $114 million of the total liquidation (79.28%) turned out to be long positions. This reflects that traders were expecting a recovery here while the market just declined. Read More Crypto News Here…

crypto market liquidation
Source: Coinglass

Also Read: Can Coinbase Drag US SEC To Provide Clear Crypto Rules After This?

Bitcoin (BTC), the world’s largest crypto price is on a constant decline over the past 7 days. Bitcoin price dropped by almost 10% over this period. BTC is trading at an average price of $26,385, at the press time. Its 24 hour trading volume registered a drop of 8% to stand at $42.7 billion.

This Bitcoin price drop comes in when it regained the crucial $30K level recently after entering the year 2023 trading around $16K. However, Bitcoin dominance dropped by 0.61% over the day to stand at 46.31%.

As per the data, Bitcoin option traders got hit hard big time as BTC liquidation breached $50 million in the last 24 hours. $42.83 million (84.7%) worth of long positions got liquidated amid the recent price drop.

liquidation
Source: Coinglass
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.