Market Correction Sees $864.24 Million in Crypto Liquidations
$864.24 Million in Crypto Liquidations
In a stunning reversal of fortune, the crypto market saw a significant downturn, culminating in a whopping $864.24 million worth of liquidations.
Bitcoin led the correction
Falling 7% to a weekly low of $65,214. This downturn marks its lowest valuation since April 5.
The ripple effects resonated across the board
Even smaller cryptocurrencies like Solana and Dogecoin experienced steeper declines of around 18% and 19%, respectively.
The downturn primarily stems from the liquidations of bullish bets on crypto
In the past 24 hours alone, approximately $775.40 million was cleared from long positions in derivatives markets. Short positions were not spared either, with around $89.89 million being liquidated.
Despite the current crypto liquidations
Bitcoin remains substantially higher for the year, boasting an approximate 60% increase.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.