$1.69 Bln Liquidations as BTC, ETH, XRP Crash
The entire cryptocurrency market appears to be bleeding, with major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) seeing significant price drops. The decline in major assets has turned overall market sentiment towards a bearish outlook.
$1.69 billion liquidation hits cryptocurrency market
This market shift resulted in the liquidation of $1.69 billion worth of leveraged positions by 558,704 traders in the past 24 hours, according to data from Onchain Analytics coin glass.
Most of these liquidations occurred on long positions, while short positions were relatively unaffected. Of the $1.65 billion liquidated, $1.5 billion came from long positions, while only $178.21 million came from short positions.
This liquidation data suggests that bulls were hardest hit by this price drop. Given the current market sentiment, these liquidations are likely to continue in the coming days, barring major developments in the market.
BONK and FLOKI led losses
Today, December 10, 2024, the prices of BTC, ETH, and XRP fell by 2%, 6.5%, and 14.6% respectively in the past 24 hours. At the same time, the two meme coins BONK and FLOKI were hardest hit by this price drop, with losses of 22% and 21.5% respectively during the same period.
Why is the cryptocurrency market falling?
In the past month, the overall market has seen a sharp rise, with some assets rising by 100%, some by 200%, and some by even more than 400%. Notably, this rally occurred without any price correction following the announcement of the U.S. presidential election results.
Is it time to accumulate or wait?
Experts on social media say that given the current market sentiment, now may be the best time to accumulate top assets as they appear to be trading at discounts. Meanwhile, whales and institutions reportedly continue to accumulate holdings Coin Encyclopedia.
