Categories: MarketsMenafn

Crypto Market Liquidations Hit $1.47 Billion in a Day as BTC Plunges to $95,000

As the price of the flagship cryptocurrency Bitcoin (BTC) endured a significant sell-off to a $95,000 low before it started recovering, liquidations in the cryptocurrency space soared to nearly $1.5 billion in 24 hours.

According to data from CoinGlass, an astounding $1.34 billion worth of long positions were liquidated over the last 24-hour period, while around $130 million worth of short positions were liquidated over the same period amid a wide cryptocurrency market downturn.

Market data shows that the price of BTC plunged from around $99,800 to a $95,000 low over the period before recovering, while most other digital assets saw similar performance. Ethereum’s Ether, the second-largest by market capitalization that has been seeing its fundamentals improve, plunged 7% in the last 24 hours, while Solana dropped 7.75% and Binance’s BNB lost 7.5% of its value.

Other leading cryptocurrencies including Dogecoin, XRP, and Cardano saw even worse declines of 9.5%, 11.8%, and 12.6% respectively. In the top 50 by market capitalization, some cryptocurrencies dropped as much as 19.7% over the last 24 hours.

Crypto market liquidations over time. Source: CoinGlass

The crypto market dropped by around $250 billion over the sell-off before recovering, with the 24-hour loss currently standing at around $150 billion, as the space0s total market cap is now at $3.39 trillion.

As reported earlier this month when the price of Bitcoin briefly topped the $100,000 mark, the space’s total market capitalization hit a record $3.6 trillion. The sell-off notably came as BTC’s declining dominance helped it surge past the 57% mark.

Crypto market deleveraging could be positive

It’s worth noting that a deleveraging event in the crypto market such as the one being seen, in which nearly $1.5 billion worth of leveraged positions were liquidated, could be interpreted as a positive for the market in the long term, as it reduces overall debt in the market and could make it more resilient.

Deleveraging events help create a more stable market, with reduced potential for extreme price swings that are often caused by the excessive use of leverage.

 

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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