$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

Spot Ethereum ETFs End 6-Day Drought With $90 Million Inflow — Will Ether Price Respond?

Investor interest in the spot Ethereum ETFs (exchange-traded funds) appeared to have waned after failing to register a net inflow day for six consecutive days However, the cryptocurrency products

On-Chain Indicator Sets Bitcoin Cycle Top Price At $141K – Details

Bitcoin has experienced a record-breaking bullish breakout, shattering all-time highs almost daily over the past three weeks After an impressive rally, the price is less than 2% away from the

2021 Bull Run Déjà Vu? Altcoin Market Gains Momentum

As bitcoin catches its breath on the sidelines, a wave of digital currencies is charging ahead, making big moves Meanwhile, the infamous Altcoin Season Index is climbing, signaling exciting times for

Bitcoin Correction Looms As Analyst Predicts Fall To $85,600

The price of Bitcoin (BTC)  rose by 799% in the past week to reach a new all-time high of $99,655 on November 22 Thereafter, the maiden cryptocurrency has experienced a slight retracement in the

Ripple CEO Predicts US Crypto Boom, 76% of KOLs Shilled Worthless Meme Coins, and More — Week in Review

Ripple CEO predicts US crypto boom, study shows 76% of KOLs promoted worthless meme coins, Coinbase CEO strongly endorses DOGE, and more in this Week in Review Week in Review Ripple CEO Brad

Bitcoin Taker Buy/Sell Ratio Surges On Major Exchanges — Who Is Buying?

The price of Bitcoin has somewhat cooled off, struggling to reach the highly-coveted $100,000 mark, after an intense bullish run all week long However, investors appear to be undeterred by the