The fall in Bitcoin has led to a wave of liquidations in the cryptocurrency market.
Recent data from Coinglass shows that $207 million worth of cryptocurrency has been liquidated in the past day. The vast majority of the wipeout ($184.09 million) has been caused by long holdings.
Remarkably, in the last four hours alone, $135.84 million worth of cryptocurrency has been liquidated. In terms of total liquidations ($47.64 million), OKX ranks first. With $43.84 million and $27.19 million, Binance and Huobi rank second and third, respectively.
Nearly 80,000 traders have been liquidated in the last 24 hours, with the largest single liquidation on the OKX exchange amounting to over $3 million. By liquidations, the top four coins are Dogecoin, Ethereum, Bitcoin, and Solana.
Bitcoin fell to an intraday low of $65,018 early Friday, according to CoinGecko data. After paring some gains, it is now trading at $66,074. The leading cryptocurrency has now declined by about 5% in the past seven days.
Altcoins, of which NEAR, FIL, and FET are falling the most, are also in deep negative territory, even though they have recovered from their lowest levels.
BTC’s volatility continues
Following the surprising US inflation data that was lower than expected in May, the leading coin again approached the $70,000 mark on Wednesday. But after Federal Reserve Chairman Jerome Powell made hawkish comments on the same day, it changed its direction. Traders expecting multiple rate cuts this year were worried by his comments. Bitcoin’s price fell to $66,000 a day later, and the situation worsened further on Friday night.
The asset hit a monthly low of $65,000 as bears, who were in full control, pushed it lower. Bitcoin has been able to bounce back to around a grand, although it is still down 1.5% for the day. This volatility led to around 75,000 traders selling the asset worth around $200 million over the past day.
Bitcoin/Price/Chart 15.06.2024. Source: TradingView
Red-colored Alts
Solana has fallen by 3%, reaching $143 as of today. DOGE and SHIB have dropped by nearly 5%. Avax, DOT, and ADA have all experienced reductions of roughly 2–4%.
TON is one of the rare outliers, rising 3% to a little over $8. UNI is currently at $11, up 3.5% for the day.
AR, FET, NEAR, and FIL suffered the most losses. The entire value of the cryptocurrency market fell by about $50 billion overnight.
