Claim $500Binance’s CZ Addresses Crypto Crash As Long Liquidation Breaches $343 Million
Crypto Crash News: The Global cryptocurrency market registered a massive sell off on Saturday as fear among the traders spiked due to recent regulatory actions taken by the top Financial watchdog. The cumulative market cap dropped by more than 5% after registering a broad recovery over the past day. Binance CEO, Changpeng Zhao addressed the current market situation amid facing legal complications.
Also Read: Binance CEO Refers SEC’s Chat Evidence In Internal Staff Letter
Long Position Liquidations Lead Crypto Crash
As per the Coinglass data, more than 184k traders were liquidated in the last 24 hours. The total liquidation registered comes in at $387 million. Bitcoin, the world’s largest crypto witnessed most of the liquidation (approx worth $50 million) over the past day.
Data depicts that out of the cumulative liquidation of $387 million, 88% of the liquidation (approx worth $343 million) turns out to be long positions. While just $43 million worth of shorts were liquidated. This suggests that traders were betting on the market gains. However, Binance registered $151 million worth liquidation in the last 24 hours, where $129 million worth of long positions were liquidated.
The digital asset market witnessed a broad sell off as the biggest cryptos like Polygon (MATIC) and Solana (SOL) prices dropped by a massive 25% and 22%, respectively. Read More Crypto News Here…
CZ Dispersing FUD?
Changpeng Zhao, Binance Chief addressed the crypto crash stating that no one really knows why the market is going up or down. However, a lot of people claim to know the real reason and will often tag it to a single often wrong reason. He added that there are many traders in the market and everyone may have their own reason.
Also Read: XRP Lawsuit Verdict Might Prove Crucial For Coinbase, Binance: Attorney
Binance CEO flagged the false narrative where a person stated that “Binance converted its holdings to fiat”. He presented the fact that Binance fiat/stablecoin reserves decreased. The world’s largest crypto exchange crypto reserves increased over the past months/weeks, he added.
He mentioned the second narrative making rounds on social media which claims that $1.3 billion of altcoins on Robinhood could be sold. However, CZ added that he have no idea about that.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
