The cryptocurrency market experienced sharp fluctuations in the last 24 hours, leading to over $190 million in liquidations across major exchanges such as Binance and OKX.
Reasons Behind Liquidations
The high volatility in the cryptocurrency market triggered liquidations due to leveraged trading positions. Market participants are paying attention to the increased risks associated with leveraged trading, which often leads to significant losses.
Impact on Bitcoin and Ethereum Positions
Bitcoin and Ethereum were the primary assets affected by the liquidations. Binance recorded the largest single liquidation at $6.26 million, while OKX had an ETH/USDT swap liquidation of $5.21 million. In total, over 58,000 traders were impacted.
Altcoin Reactions to Market Volatility
Despite declines in major assets, certain altcoins like Shiba Inu, Pi, and HYPE showed resilience, rebounding by 3-4.5%. Market participants are closely monitoring these reactions for potential signs of recovery.
Recent events in the cryptocurrency market highlight the risks associated with leveraged trading. As shown in the current situation, some altcoins are demonstrating resilience, indicating potential recovery opportunities in the future.
