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.
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.