Crypto Market Liquidation Surpasses $200 Million in 24 Hours

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After a week-long rally that pushed the value of Bitcoin (BTC) above $23,000, the crypto market saw a major sell-off in the past 12 hours that sold off $183.99 million. , according to data from Coinglass.

Total liquidations in the last 24 hours stood at $223.43 million at press time. Of these liquidations, 90.29% occurred on traders who took long positions in the market, according to data from Coinglass.

During this period, 63,210 traders were liquidated, with the largest liquidation being a $4.64 million long position in BTC.

Bitcoin falls below $23,000 as investors take advantage

Short-term BTC investors appear to be profiting after the cohort saw a dramatic increase in the number of their coins held for profit.

Source: Glassnode

Glassnode said this group’s earnings offer reached 92%, last seen in May 2021 and when BTC traded at its all-time high in November 2021.

“Given this substantial increase in profitability, the likelihood of selling pressure from short-term holders should increase accordingly.”

Glassnode further pointed out that the spike in profitability pushed the cohort’s spending volume above the long-term downtrend.

Top 10 assets record an average loss of 5%

With the exception of stablecoins, other digital assets on the top 10 crypto assets list have shown an average loss of 5% over the past 24 hours, according to data from CryptoSlate.

During the reporting period, Ethereum (ETH) fell 5.20% to $1,552, while BNB was down 5.14% to $302. Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) plunged 6.88%, 6.53 and 5.40% respectively.

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