The cryptocurrency market has encountered a sharp downturn, resulting in over $423 million liquidated within hours.
Crypto Market Liquidations
According to data from CoinGlass, more than $423 million worth of cryptocurrency has been liquidated in the past four hours. Over the last 24 hours, the total liquidation amount reached $714 million. More than 163,000 traders have incurred losses — a figure surpassing the population of cities like Kansas City or Springfield. The largest liquidation was recorded on Bitfinex, amounting to $8.21 million.
State of Major Cryptocurrencies
Earlier today, the leading cryptocurrency dropped to a new multi-month low of $82,455, entering bear market territory after plummeting more than 20% from its all-time high in January of nearly $109,000. Bitfinex recorded the largest single liquidation of $8.21 million.
Significant Bitcoin Movements
According to Santiment, key stakeholders dumped 6,813 coins, marking the largest drop since last July. In the long term, Bitcoin’s price performance is closely tied to the behavior of whales and 'sharks'. Bitcoin ETFs have seen record-breaking outflows, potentially leading to their worst week. Trader DonAlt believes any close above the prior range low of $90,000 is a good long setup.
Analysts continue to monitor the market, noting the significant impact of major players. Whether the market recovers from this downturn remains uncertain.
