Bitcoin and the bleeding crypto market: nearly $310 million in liquidations

Bitcoin and the bleeding crypto market: nearly $310 million in liquidations
Bitcoin and the bleeding crypto market: nearly $310 million in liquidations

When it doesn’t want to,… This month of June is coming – at least until Monday June 24like a bad month for Bitcoin (BTC), and for the cryptocurrency market in general. Since a small rebound above $71,000 for BTC at the very beginning of the month, the king of cryptos kept falling, little by little, until today. THE bullish speculatorswho impatiently hope that the market will pick up again, are still left surprisedresulting in hundreds of millions of dollars in liquidations.

Buyers have liquidated $280 million alone in the last 24 hours

According to aggregate data from Coinglass (below), just over 91 700 traders have suffered automatic liquidations of their positions over the last 24 hours. In total, these are $308.7 million of trades that were cut urgently.

With the new surprise drop in Bitcoin under $61,000these are overwhelmingly speculators with positions Long (buyers) who saw their positions violently liquidated.

These optimists alone represent $278.2 million liquidations, i.e. more than 90 % cut positions. For their part, the bears saw nearly $30.5 million liquidated on their positions Short (saleswomen).

The bulls did not predict a fall in Bitcoin below $61,000. – Source: coinglass.com

Bitcoin and Ethereum see the most liquidations for their traders

Not surprisingly, these are the two assets most valued of the crypto market which deceived their speculators the most. So, Bitcoin alone recorded nearly $122 million liquidated on purchase positions concerning him.

On the side of the prince of altcoins, Ethereum (ETH) these are $67.5 million of positions Long which have undergone liquidations. Comes much further then Solana (SOL), with approximately $14.3 million liquidated among buyers.

Most of the liquidations occurred on cryptocurrency exchanges Binance, OKX et Huobiwith respectively 123 / 87 / 48 million dollars liquidated positions (Long et Short confused)

Does the descent into hell of Bitcoin and the crypto market comes to an end with today’s new drop? In any case, since its peak around $71,500 at the beginning of this month of June, BTC has already lost almost -15% in just twenty days. The last days of June, before the summer period of July-August (generally calmer ), promise to be crucial to know if the sellers end up running out of steam, and if a direction claireis taking shape (a descent for good, or a significant rebound?).

Coming from a university background in Sciences, I have been interested in blockchains and Bitcoin since 2013 and even mined some at the time. The bubble that followed turned me away from it, but I have been diving back into it since 2017 and have been studying them with passion ever since.

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