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Crypto market hits with $300 million liquidation spree amid Bitcoin crash
Alex Dovbnja
The cryptocurrency market has been hit by a wave of liquidations
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According to data provided by CoinGlassIn the last 24 hours alone, 309 million dollars in cryptocurrencies were liquidated.
Long positions account for the vast majority of these liquidations ($272 million).
The largest liquidation order occurred on Binance, with one unlucky trader losing $15.36 million in a single day.
Binance, the largest exchange by trading volume, leads in total liquidations with $122.36 million. OKX and Huobi come in second and third place with $86.4 million and $48.8 million, respectively.
Today, the price of the largest cryptocurrency collapsed to an intraday low of $60,700, triggering a series of liquidations.
Many market participants were caught by surprise by the announcement from Mt. Gox, the now-defunct exchange, that it would begin refunds the following month. Monday’s announcement exacerbated Bitcoin’s collapse.
Some victims of the 2014 hack will likely be willing to sell their assets. However, the level of selling pressure is likely to be overstated as Mt. Gox claims have been trading for years already.
The volatility could also be partially caused by crucial PCE price index data due to be released this Friday. PCE price index data will likely influence the US Federal Reserve’s rate cut decision.
That said, the Bitcoin Relative Strength Index (RSI) has now reached the oversold territory on the daily chart, which suggests that the cryptocurrency may see a rebound in the near future due to overly bearish sentiment.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.