Over the past 24 hours, significant liquidations amounting to approximately $744 million have occurred on major cryptocurrency exchanges, primarily impacting long positions of Bitcoin and Ethereum.
Overview of Liquidations
In the last day, around $744 million worth of Bitcoin and Ethereum derivatives have been liquidated on exchanges such as Bybit, Binance, and OKX. These liquidations highlight the vulnerabilities in the cryptocurrency market amid high volatility.
Key Factors of Liquidations
Liquidations primarily occurred due to macroeconomic changes affecting traders, especially those heavily invested in long positions. Significant price swings in BTC and ETH are impacting the broader market.
Market Impact and Recommendations for Traders
The crypto market reacted swiftly to these events, with BTC prices dropping from $124,000 to below $118,000. Traders are advised to exercise caution and consider the risks associated with high leverage.
The cryptocurrency market remains volatile, and the recent liquidations may negatively affect investor confidence and future trading volumes.
