The cryptocurrency market is under significant pressure, leading to the liquidation of hundreds of thousands of traders' positions and a drop in prices of major cryptocurrencies.
Drop in Liquidations
In the last 24 hours, a massive $876 million liquidation occurred in the crypto market. This event forced over 227,000 traders to exit their positions.
Current Situation for Bitcoin and Ethereum
Bitcoin's price structure broke down during late trading, resulting in a sharp drop with almost no resistance. BTC fell from around $102,800 to just above $100,000. Currently, Bitcoin's price has slightly recovered but remains just above the $100,000 mark.
Liquidation Statistics
The majority of liquidated positions were long positions, accounting for $777.56 million or about 89% of the total. Ethereum topped the list with $356.54 million in liquidated positions, followed by Bitcoin with $192.89 million.
Thus, the current situation in the cryptocurrency market raises concerns among traders, as further declines could lead to even greater losses.
