As asset prices plunge, the market has faced massive crypto liquidations in the last 24 hours. On-chain data show over $200 million in leveraged crypto positions have now been liquidated in the last hour.
This brings the total figure in the last 24 hours to $885 million sparking diverse reactions from bulls and bears in the market. Data from CoinGlass shows today’s sharp decline as the highest derivative exit this month.
Across social media spaces, traders went into panic mode with the sell-off wiping out gains recorded this month. The crypto chart is currently in the red zone although some users see buying opportunities trending the catchphrase “buy the dip.” The liquidations occurred as bulls projected highs for the market leader Bitcoin (BTC) on the back of inflows and the upcoming halving event.
The sudden trend reversal is due to macroeconomic factors and geopolitical tensions in the Middle East. In the last hour, news broke of a possible Iran attack on Northern Israel further increasing tensions in the region.
This impact on the crypto market causing liquidations was triggered in traditional assets although assets like gold surged. Despite the trend, crypto bulls say the period after the liquidation could trigger more buys in the market. Pro-crypto commentator @ZachDWest noted that crypto liquidations are temporary due to high volatility.
“Volatility is temporary and shouldn’t shake you out, Years from now, the value of #Bitcoin sats will just slowly tick upwards day by day. Ensuring every sat you save, will be worth more as you age. Exponential. Predictable. Perfection. Bitcoin is the truest stablecoin. Zoom out.”
The wider cryptocurrency market is down 7% in the last 24 hours following massive outflows on digital assets. Bitcoin has plunged 5.21% today wiping out weekly gains recorded in the market. Altcoins also saw significant outflows with some assets hitting 17% in losses.
Ethereum (ETH), Solana (SOL), and Ripple (XRP) posted 8.65%, 14.49%, and 12.4% losses respectively in the last 24 hours. Cardano (ADA) and Avalanche (AVAX) are both down 17% recording huge lows in the market.
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