Liquidations Surpass $300 Million As Bitcoin Touches 40-Day Lows
25 Abril 2022 - 12:00PM
NEWSBTC
Crypto liquidations have been ramping up coming out of the weekend.
The market had recorded a number of dips that saw more than $80
billion shaved off the crypto market. This had meant that bitcoin
had declined to the $38,000 territory and had taken the rest of the
market with it. However, contrary to expectations that the digital
asset would record the most liquidations, that title had been
claimed by the second-largest cryptocurrency, Ethereum. Bitcoin,
Ethereum Lead Liquidations Bitcoin liquidations were no doubt one
of the highest in the space. Being the biggest digital asset in the
crypto market, bitcoin traders usually bear the brunt of it
whenever there’s a large liquidation effect. But this time around,
it had placed second behind Ethereum liquidations as the price of
the cryptocurrency had fallen to the low $2,800s. BTC declines to
$38,000 | Source: BTCUSD on TradingView.com In the last 24 hours,
bitcoin had seen a total of $72 million in liquidations. The
interesting fact about this though is the fact that the majority of
these liquidations had taken place in the last 12 hours alone as at
the time of this writing. More than $48 million had been liquidated
at press time. Long traders had also made up the majority of this
given that the price of the digital asset was in a decline.
However, there were some short liquidations sprinkled here and
there for the bitcoin. Ethereum liquidations followed the same
pattern of the majority of liquidations happening in the past 12
hours. The second-largest cryptocurrency by market cap had seen
approximately $80 million in liquidations in the last 24 hours with
$65 million of those liquidations happening in the past 12 hours
alone. Related Reading | TA: Ethereum At Clear Risk of More
Losses Below $2,800 The digital asset had taken the top spot for
the cryptocurrency with the most liquidations with long traders
taking the most hits. On the four-hour chart though, Ethereum is
faring better as Bitcoin has taken the lead with $6.24 million in
liquidations. ApeCoin comes a close second with $5.46 million in
liquidations. These have come out to be mostly short liquidations
as the beloved BAYC token recovered above $17 once more. Total
market liquidations surpass $300 million | Source: Coinglass In
total, the crypto market had recorded more than $300 million in
liquidations in the last 24 hours. The 12-hour chart makes up more
than 60% of this volume as $234 million has been liquidated in this
time period. Related Reading | Bitcoin Struggles To Breach
$40,000 Level, Down 4% In Last 24 Hours Other digital assets taking
a hit include LUNA which has recorded $1.1 million in liquidations
in the past four hours. Meme coin Dogecoin came out to $418.84K
liquidated on the four-hour chart. Featured image from Coindesk,
chart from TradingView.com
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