Eventful week for crypto traders: making profits or losses
Crypto traders had an eventful week, regardless of whether they were making profits or losses from the market. Over the weekend,
It has been a rollercoaster of a week for cryptocurrency traders, with plenty of ups and downs regardless of whether they were in the green or red. The market saw some dramatic movements over the weekend, and as the new trading week begins, it looks like those who were betting on a continuation of the downward trend are going to be disappointed.
Losses at Company Reach $180 Million
It seems that the recent market trend of losses ramping up following bitcoin's recovery above $20,000 is set to continue. This is bad news for short traders who have already begun to bleed, but it looks like there may be more pain in store for them.
The weekend was looking promising for long traders, with bitcoin making its way towards the mid $22,000s. However, liquidations across the crypto market ramped up, leaving tens of thousands of traders in losses.
As the liquidation volumes continue to rise, it is clear that the short traders are struggling to keep up. With over $25 million in liquidations over the last 4 hours, it is clear that the market is moving against them. With 73.29% of all liquidations being from short traders, it is clear that they are feeling the pressure.
The total number of traders liquidated in the last 24 hours is a staggering 48,510. The largest single liquidation event occurred on the Okex exchange, with a total of $3.41 million being wiped out. This just goes to show how volatile the cryptocurrency market can be, and how careful traders need to be in order to avoid being caught on the wrong side of a major move.
Bitcoin Leads Crypto Losses
It is no surprise that given bitcoin's recent recovery, the digital asset has seen more liquidations. With the crypto market's total liquidation volume crossing $180 million, bitcoin accounted for approximately 40% of that, with $80 million in volume. This shows that despite the volatile nature of the cryptocurrency market, bitcoin remains a major player in the space.
Interestingly, the majority of the liquidations had been recorded in the last 12 hours alone, where bitcoin had seen liquidations of $66.24 million and the broader crypto market was sitting at $120 million. 62.15% of these have been from short traders. This is a significant development, as it shows that the market is still highly volatile and that traders are still feeling the effects of the recent market crash.
It is clear that the cryptocurrency market is in a state of flux, with investors selling off digital assets in large numbers. Ethereum, Ethereum Classic, LUNA, and Solana have all seen significant liquidations in the last day, totaling over $60 million. APE, NEAR, and CEL have also seen sizable liquidations, totaling just over $5 million. This shows that investors are becoming increasingly risk-averse in the current market climate.
Bitcoin's price seems to have found a point to settle right above $22,000, which has put a stop to the liquidations. However, if there are any more wild movements, then there are likely to be higher liquidation volumes from here. This is good news for Bitcoin investors, as it shows that the market is stabilizing somewhat after a period of volatile price movements. However, it is still important to watch for any further price swings, as they could result in more liquidations.
