|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Crypto Market Crashes: Bitcoin Drops Under $58,000, Triggering Liquidation Wave
May 02, 2024 at 07:56 pm
Leverage traders have faced significant losses as Bitcoin (BTC) abruptly fell below $58,000, leading to a widespread liquidation of over $448,490,000. According to Coinglass, over 84% of liquidations involved leveraged long positions, with major exchanges such as OKX, Binance, Huobi, and Bybit accounting for a substantial portion of the liquidations.
Crypto Market Suffers Massive Sell-Off: Bitcoin Plunges Below $58,000, Triggering a Wave of Liquidations
The cryptocurrency market witnessed a dramatic sell-off as the price of Bitcoin (BTC) abruptly plummeted below $58,000, dragging altcoins down with it. According to data from crypto aggregator Coinglass, a staggering $448,490,000 worth of liquidations occurred in the last 24 hours, with over 84% of those liquidations attributed to leveraged long positions.
Leading exchanges experienced a significant surge in liquidations. OKX recorded the highest volume of liquidations at $171.28 million, followed by Binance, the world's largest exchange, with $170.43 million. Huobi and Bybit also witnessed large-scale liquidations of $45.09 million and $37.22 million, respectively.
Coinglass data reveals that Bitcoin accounted for the majority of liquidations in the past 24 hours, with $167.43 million worth of liquidations. Notably, the vast majority of these liquidations involved long positions. Ethereum (ETH), the leading smart contract platform, also experienced significant liquidations, with $115.48 million worth of the cryptocurrency liquidated during the same time frame.
Other prominent digital assets that suffered substantial liquidations include ETH rival Solana (SOL) at $17.01 million and two popular meme assets, Dogecoin (DOGE) at $13.56 million and Pepe (PEPE) at $6.61 million. The largest single liquidation order occurred on OKX in the ETH/USDT pair, with a value of $6.07 million, as reported by Coinglass.
Over the past 24 hours, Bitcoin experienced a sharp decline from a high of $61,335 to a low of $56,757. At the time of writing, Bitcoin has slightly recovered and is trading at $57,429, representing a 6% decrease over the past 24 hours. Solana is currently trading at $123, down nearly 5% in the last 24 hours. DOGE is trading at $0.12, marking a decline of approximately 9% over the same period. Pepe is currently trading at $0.00000619, down 8.6% in the past 24 hours.
The recent market sell-off has raised concerns among investors and analysts. It remains unclear what triggered the sudden plunge in Bitcoin's price, but some experts attribute it to profit-taking and uncertainty surrounding the upcoming Federal Reserve meeting. The market has yet to find a stable footing, and further volatility is expected in the coming days and weeks.
Despite the recent downturn, the long-term outlook for the cryptocurrency market remains positive. Many analysts believe that the market is still in a bull cycle and that the current sell-off may be a temporary setback. However, it is important for investors to exercise caution and manage their risk exposure appropriately, as the cryptocurrency market remains highly volatile.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Altcoins Set to Explode: Crypto Analysts Predict Record Highs in 2024
- May 17, 2024 at 03:19 pm
- Altcoins Poised for Explosive Growth: Crypto Analysts Predict ATHs in 2024 As the cryptocurrency market exhibits optimistic indications of a sustained
-
- Embrace Meme Coins: Diversify Your Crypto Holdings with Bonk and Raboo
- May 17, 2024 at 03:19 pm
- Embrace the Meme Coin Revolution: Diversify Your Crypto Portfolio with Bonk and Raboo In the ever-evolving crypto landscape, where volatility reigns s
-
- Three Cryptocurrencies Poised for Takeoff: Toncoin, Render, and Algotech
- May 17, 2024 at 03:17 pm
- Toncoin, Render, and Algotech: The Crypto Trifecta Set to Soar In the ever-evolving crypto market, where fortunes are made and lost with lightning spe
-
- AI Cryptos Lead Surge in Crypto Market: Render, Bittensor, and Raboo Dominate
- May 17, 2024 at 03:14 pm
- The Rise of AI Cryptos: Render, Bittensor, and Raboo Lead the Charge The cryptocurrency market is experiencing a resurgence in 2024, with a particular
-
- Furrever Token Aims to Rival Success of Crypto Giants, Channeling Cuteness and Engagement
- May 17, 2024 at 03:14 pm
- Furrever Token: Poised to Emerge as a Crypto Giant, Rivaling the Success of XRP, Cardano, and Polygon In the ever-evolving digital asset landscape, a
-
- Shiba Inu and Dogwifhat Soar as Meme Coin Adoption Expands
- May 17, 2024 at 03:05 pm
- Shiba Inu and Dogwifhat Surge Amidst Wider Meme Coin Adoption Integration with Global Payment Service Shiba Inu (SHIB), the second-largest meme coin b
-
- USD Index Key to Bitcoin's Potential 127% Surge, Says Analyst
- May 17, 2024 at 03:04 pm
- US Dollar Index Holds Key to Bitcoin Price Surge, Analyst Predicts 127% Rally Acclaimed financial analyst Jamie Coutts from Real Vision has asserted t
-
- CoinGeek AMA Highlights Blockchain Innovations Ahead of London Conference
- May 17, 2024 at 03:03 pm
- CoinGeek Weekly Livestream AMA Explores Blockchain Advancements as London Blockchain Conference Nears In anticipation of the London Blockchain Confere
-
- Chainlink Poised for Surge as Technical Analysis Reveals Bullish Momentum
- May 17, 2024 at 03:02 pm
- Chainlink Poised for a Surge, Technical Analysis Reveals Strong Bullish Momentum NEW DELHI, India (CoinChapter.com) - Chainlink (LINK), the leading pr