The digital currency ecosystem is in a deep bearish turmoil with crypto liquidations coming in at $271.76 million in the past 24 hours. As confirmed by data from CoinGlass, Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) are leading the 24-hour selloffs.
Crypto Liquidation is an Aftermath of Bitcoin Slump
Overnight, the price of Bitcoin single-handedly triggered the massive crypto liquidations. At the time of writing, the coin is down by 3.85% in 24 hours to $58,474.17. This is arguably the lowest level it has seen since it hit an All-Time High (ATH) of $73,750.07.
Based on this onslaught, the 24-hour Bitcoin liquidation comes in at $73.37 million with Long traders bearing the major brunt. Per the data, long traders have seen $61.22 million liquidated while short traders’ liquidation comes in at $12.15 million.
Ethereum comes second with a total crypto liquidation worth $66.57 million. Besides this, Solana comes third on the list with $13.84 million in liquidations. While the figures vary on different time spans, the majority of altcoins are swept up in this selloff frenzy.
Cryptocurrencies like Dogecoin (DOGE), Worldcoin (WLD, Binance Coin (BNB), and ORDI are also prominently featured.
Changing Market Dynamics
Bitcoin price dropping below the $60,000 price level is not unusual. The premier coin maintains a high level of volatility that has given critics the boldness to recall its historical rise and fall.
With the instability in inflow into spot Bitcoin ETF products, the bearish turn is not unexpected. Despite the bearish twist, the market dynamics may change unexpectedly. Should the spot Ethereum ETF product in the United States gain the green light from the SEC soon, it might relieve the aftermath of the crypto liquidation. This projection is based on previous trends where the updates on Ethereum triggered a massive crypto rally.
Besides this, individual altcoin fundamentals might go a long way to revive positive market sentiments.
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