$650 Million Wipe Out in Crypto Liquidation, What’s Happening?

Share This Post

Bitcoin Dominance Peak: Is Altcoin Season Here or Still a Long Way Off?

The post $650 Million Wipe Out in Crypto Liquidation, What’s Happening? appeared first on Coinpedia Fintech News

The cryptocurrency market experienced notable upside momentum following the election of Donald Trump as president of the United States. However, sentiment now appears to be cooling off, resulting in hundreds of millions of dollars in liquidations.

$650 Million Crypto Liquidation 

On November 14, 2024, the overall crypto market experienced significant volatility, leading to the liquidation of $650 million worth of crypto assets, according to the on-chain analytics firm CoinGlass.

CoinGlass reported that nearly 200,000 traders were affected by liquidations over the past 24 hours. During this period, bulls have suffered the most. According to the data, bulls have liquidated nearly $435 million worth of long positions, while bears have faced liquidations amounting to $190 million.

However, the single largest liquidation worth $12.39 million, occurred on Binance with the BTCUSDT pair. Traders dealing in Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have faced significant liquidations.

Why Crypto Market is Falling?

The potential reason for this significant liquidation is the price decline in major assets and the BTC sell-off by miners. In the past 24 hours, BTC, ETH, SOL, and DOGE have recorded price declines of 4%, 4.2%, 2.6%, and 3.65%, respectively.

In the past 24 hours, Bitcoin miners have sold nearly 25,000 BTC, worth $2.25 billion, as the price reached the $93,400 level, according to the on-chain analytics firm CryptoQuant. This marks the largest sell-off by miners since May 2024, indicating potential selling pressure and a possible price decline in the coming days.

The combination of the miners’ sell-off and the price decline in major assets is likely responsible for the significant liquidation experienced by traders.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Solana ‘God Candle Is Close’ As It Breaks From Crucial Resistance – Top Analyst

Solana recently broke its yearly high at $210, sparking a surge in trading activity as the altcoin now attempts to consolidate above this key level This period of volatile price action highlights

Solana’s daily fees and revenue hit ATH amid heightened engagement

Solana’s daily revenue hit a record high of almost $4 million, reflecting a notable rise in user engagement on the third-largest blockchain network by market cap DeFillama data shows that

18 States Sue SEC, Gensler, Commissioners in Unprecedented Crypto Regulation Battle

Eighteen states have sued the SEC, Chair Gary Gensler, and all SEC commissioners, alleging that overreach in crypto regulation infringes on state rights and hampers industry growth 18 States Sue SEC,

Vaneck’s Matthew Sigel Sets Bitcoin Target at $180,000

Matthew Sigel, head of digital assets research at Vaneck, projects a significant upward trajectory for bitcoin, setting a target price of $180,000 Bitcoin Could Reach $180,000 by Next Year, Says

Ex-TD Ameritrade CEO says Bitcoin is ‘here to stay,’ foresees significant growth

Joe Moglia, former CEO of TD Ameritrade, projected that Bitcoin (BTC) is primed for substantial growth, reinforcing its position as a vital asset in the global financial landscape Moglia made the

Bitcoin Price And The Trump Effect: Here’s What Happened The Last Time Donald Trump Was President

The Bitcoin price has soared to a new all-time high, driven by the bullish sentiment generated by the Donald Trump effect following the just-concluded US Presidential elections The last time Trump