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$340 Million Liquidations Across Cryptocurrency Market as Bitcoin and Altcoins Suffer Losses

Wed, 04/06/2022 - 13:46
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Tomiwabold Olajide
Bitcoin trading positions account for $73.05 million of all liquidations
$340 Million Liquidations Across Cryptocurrency Market as Bitcoin and Altcoins Suffer Losses
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According to Coinglass data, the crypto market has seen a total of $340 million in liquidations in the last 24 hours, with $54.31 million of that occurring in the last four hours. According to CoinMarketCap data, the entire value of the crypto market has plummeted by 4.98% to $2.07 trillion.

Bitcoin trading positions account for $73.05 million of all liquidations, according to Coinglass. The largest single liquidation order, worth $1.73  million in BTC/USDT, was placed on Bybit.

Crypto Market 24-Hour Liquidations, Courtesy: Coinglass

A drop in the Bitcoin price led to altcoin markets sustaining losses as more than 116,067 traders were hit with liquidations over the past 24 hours. A liquidation is initiated when a trader's initial margin in a position is lost.

As seen on CoinMarketCap, Bitcoin and the majority of altcoins are currently losing value. Bitcoin declined by nearly 5% while the majority of altcoins, such as Cardano, Uniswap and Chainlink, are recording losses between 5% and 15% in the last 24 hours.

Dogecoin (DOGE) had earlier risen to highs of $0.1799 on April 5, following the announcement of Elon Musk as the newest member of its Board of Directors. Dogecoin had climbed from lows of $0.146, gaining more than 20% in response to the Elon Musk/Twitter-related news.

Presently, Dogecoin has erased its 24-hour gains, down 1.55% in the last 24 hours and up 7.14% since the last seven days.

Sentiment remains neutral

Bitcoin, the world's leading cryptocurrency, slipped to lows of $44,419 from highs of $45,548 on April 6. The leading cryptocurrency might be set to mark the second consecutive day in the red after reaching highs of $47,201 on April 5. Bitcoin has subsequently erased its weekly gains, down 5.1% in the last seven days. Despite the dip, on-chain analytics firm Santiment notes that there is major buy-the-dip optimism on social platforms.

The Crypto Fear and Greed Index that gauges market sentiment measured ''neutral'' at press time. At press time, the index measured just 48/100, portraying neutral sentiment. Earlier, the index trickled into "greed" territory as Bitcoin rose above $47,000.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.