The market has turned red overnight, causing a series of liquidations where bears had the upper hand in today's trading round.
The bears had the upper hand in today’s trading session as markets are red across the board. Bitcoin’s price dipped to $55,600, causing a serious number of liquidated long positions.
Bitcoin’s price took a turn for the worst today and declined from an intraday high of around $58,600 to a low of $55,600, losing $3,000 from its dollar value.
At the time of this writing, the price hovers indecisively around $56,000.
The entire cryptocurrency market followed BTC’s near 10% daily decrease. Ethereum plunged to $1,930, down 8% in 24 hours.
Binance coin also retraced after it marked a new all-time high above $410 and currently sits at around $360 for 5% daily drop.
The same is true for other large-cap cryptocurrencies such as ADA, DOT, UNI, LTC, LINK, and so forth.
This market-wide pullback caused a massive number of liquidated positions where bears stood victorious.
At press time, data reveals around $1.8 billion in liquidated long positions over the past 24 hours, representing 89.19% of the total liquidations, which amount to around $2.2 billion.
Binance is leading the way as the exchange saw around 51% of all liquidations take place on its platform. Following are Bybit and Huobi.
As it’s almost always the case, bitcoin futures account for the lion’s share of liquidations that currently stand at around $610K, followed by $312K from XRP and $281K from ETH in the past 24 hours.
It’s worth noting that CryptoPotato reported earlier today that the Kimchi premium is crashing after BTC traded above $70K in South Korea.
Crypto analytics resource CryptoQuant outlined that this has historically preceded slumps in the price of bitcoin, and it was the case once again.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
