The crypto market faced waves of liquidations totaling over $654 million in the past 24 hours, triggered by rising prices of leading cryptocurrencies like Bitcoin and Ethereum.
Liquidations in the Crypto Market
The crypto market recorded mass liquidations amounting to over $654.22 million. Approximately 172,659 traders faced liquidations, mostly from short positions, highlighting increased pressure on bullish sentiment.
Liquidations of Bitcoin and Ethereum
Bitcoin, the largest cryptocurrency, saw liquidations totaling $321.73 million as its price climbed over 6%, reaching $94,000 on April 23. In the last 24 hours, around 7,023 BTC were bought and 72,637 BTC were sold. Ethereum also marked significant liquidations of $134.30 million, with a 10% increase in price, hovering around $1,700.
Long-term Investors' Strategy
Following the recent price surge, long-term investors swiftly began cashing out their digital assets. The Blockchain Analytics Platform, Lookonchain, reported that a whale borrowed 15,000 ETH from Aave to sell and then withdrew all 35,754 ETH and dumped it at an average price of $1,794 in the last 3 hours.
The recent developments in the crypto market demonstrate significant price volatility and active behavior from investors. The liquidations of traders through short positions underscore the instability of the current situation.
