On November 14, 2024, the crypto market experienced significant volatility, leading to the liquidation of $650 million worth of crypto assets.
New Data on Crypto Market Liquidations
According to CoinGlass, nearly 200,000 traders were affected by liquidations over the past 24 hours. Bulls suffered major losses, liquidating $435 million in positions, while bears faced liquidations totaling $190 million. The largest single liquidation of $12.39 million occurred on Binance with the BTCUSDT pair.
Reasons for the Crypto Market Decline
The significant liquidations are largely attributed to the price decline in major assets and a BTC sell-off by miners. In the last 24 hours, BTC, ETH, SOL, and DOGE saw price drops of 4%, 4.2%, 2.6%, and 3.65%, respectively.
BTC Sell-off by Miners and Its Impact
Over the past 24 hours, miners sold nearly 25,000 BTC worth $2.25 billion, according to CryptoQuant. This marks the largest miner sell-off since May 2024, suggesting potential selling pressure and price declines in the coming days.
The combination of BTC sell-offs by miners and declining prices in major assets led to significant market liquidations, which may continue in the near future.
