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

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.

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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…

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.