{"id":25066,"date":"2023-06-06T16:53:41","date_gmt":"2023-06-06T20:53:41","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=25066"},"modified":"2023-06-06T16:53:41","modified_gmt":"2023-06-06T20:53:41","slug":"bitcoin-slips-below-26000-triggers-over-300-million-in-liquidations","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/06\/06\/bitcoin-slips-below-26000-triggers-over-300-million-in-liquidations\/","title":{"rendered":"Bitcoin Slips Below $26,000, Triggers Over $300 Million In Liquidations"},"content":{"rendered":"

The cryptocurrency market experienced a significant jolt as Bitcoin, the largest cryptocurrency by market capitalization, slipped below its previously plateaued threshold of $26,000<\/a>. This downward movement has led to a surge in total liquidations, with traders losing more than $300 million within a span of 24 hours. <\/p>\n

The repercussions of this event are reverberating throughout the market, with major exchanges recording substantial liquidation figures.<\/p>\n

Record Liquidations Hit The Market<\/h2>\n

The crypto market has been shaken by a surge in liquidations as Bitcoin faltered, prompting a domino effect of positions being forcefully closed. According to data<\/a> from Coinglass, roughly 112,837 traders were liquidated in the past 24 hours, resulting in a cumulative loss of $304 million and counting. <\/p>\n

Among the exchanges involved, Binance took the lead in liquidations with $100.4 million, closely followed by OKX at $80.62 million. Although other exchanges also witnessed liquidations, their impact was comparatively lesser.<\/p>\n

In the wake of Bitcoin\u2019s dip, long positions bore the brunt of the liquidations, accounting for approximately $277.45 million (91.22%) of the total. This reflects the overwhelming presence of traders who had anticipated a price increase. <\/p>\n

Simultaneously, short positions also faced liquidations, amounting to approximately $26.71 million or nearly 10% of the total. The volatility of the market proved detrimental to both sides of the trading spectrum.<\/p>\n

Amid the widespread liquidations, one trader stands out for enduring the largest single liquidation. A trader on Bitmex recorded a massive loss of $9.94 million in an XBTUSD swap, underscoring the magnitude of the market upheaval.<\/p>\n

Additionally, Bitcoin liquidations alone accounted for $105.54 million, while Ethereum (ETH)<\/a> witnessed liquidations totaling $33.87 million, further highlighting the far-reaching implications of this event.<\/p>\n

Bitcoin Slips Below $30,000<\/h2>\n

The global crypto market cap also slumped below the previously established $1.2 trillion mark with a value of $1.133 trillion<\/a> at the time of writing, down by nearly 3.7% in the last 24 hours. The plunge comes after the ongoing negativity in the market such as the thrown-around lawsuit by the Securities and Exchange Commission (SEC).<\/p>\n

The news impacted Bitcoin<\/a> significantly as the asset has lost more than $20 billion from its market cap in the past 24 hours and is down by nearly 5%, indicating possible violent selling pressure. Though the top crypto saw a slight uptrend on Sunday, it has seen a bearish trend since then.<\/p>\n

Meanwhile, at the time of writing,\u00a0BTC currently trades below $26,000<\/a> with a 24-hour trading volume of $21 billion. An increase from the previously recorded daily trading volume of $11 billion seen last week Tuesday.<\/p>\n

It is important to highlight that amidst the substantial liquidations, certain traders managed to capitalize on the market movement by strategically shorting their positions. While a considerable number of traders faced losses due to their long positions on Bitcoin, those who correctly anticipated the downward trend are now reaping profits in the current slumping cryptocurrency market.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The cryptocurrency market experienced a significant jolt as Bitcoin, the largest cryptocurrency by market capitalization, slipped below its previously plateaued threshold of $26,000<\/a>. This downward movement has led to a surge in total liquidations, with traders losing more than $300 million within a span of 24 hours. <\/p>\n

The repercussions of this event are reverberating throughout the market, with major exchanges recording substantial liquidation figures.<\/p>\n

Record Liquidations Hit The Market<\/h2>\n

The crypto market has been shaken by a surge in liquidations as Bitcoin faltered, prompting a domino effect of positions being forcefully closed. According to data<\/a> from Coinglass, roughly 112,837 traders were liquidated in the past 24 hours, resulting in a cumulative loss of $304 million and counting. <\/p>\n

Among the exchanges involved, Binance took the lead in liquidations with $100.4 million, closely followed by OKX at $80.62 million. Although other exchanges also witnessed liquidations, their impact was comparatively lesser.<\/p>\n

In the wake of Bitcoin\u2019s dip, long positions bore the brunt of the liquidations, accounting for approximately $277.45 million (91.22%) of the total. This reflects the overwhelming presence of traders who had anticipated a price increase. <\/p>\n

Simultaneously, short positions also faced liquidations, amounting to approximately $26.71 million or nearly 10% of the total. The volatility of the market proved detrimental to both sides of the trading spectrum.<\/p>\n

Amid the widespread liquidations, one trader stands out for enduring the largest single liquidation. A trader on Bitmex recorded a massive loss of $9.94 million in an XBTUSD swap, underscoring the magnitude of the market upheaval.<\/p>\n

Additionally, Bitcoin liquidations alone accounted for $105.54 million, while Ethereum (ETH)<\/a> witnessed liquidations totaling $33.87 million, further highlighting the far-reaching implications of this event.<\/p>\n

Bitcoin Slips Below $30,000<\/h2>\n

The global crypto market cap also slumped below the previously established $1.2 trillion mark with a value of $1.133 trillion<\/a> at the time of writing, down by nearly 3.7% in the last 24 hours. The plunge comes after the ongoing negativity in the market such as the thrown-around lawsuit by the Securities and Exchange Commission (SEC).<\/p>\n

The news impacted Bitcoin<\/a> significantly as the asset has lost more than $20 billion from its market cap in the past 24 hours and is down by nearly 5%, indicating possible violent selling pressure. Though the top crypto saw a slight uptrend on Sunday, it has seen a bearish trend since then.<\/p>\n

Meanwhile, at the time of writing,\u00a0BTC currently trades below $26,000<\/a> with a 24-hour trading volume of $21 billion. An increase from the previously recorded daily trading volume of $11 billion seen last week Tuesday.<\/p>\n

It is important to highlight that amidst the substantial liquidations, certain traders managed to capitalize on the market movement by strategically shorting their positions. While a considerable number of traders faced losses due to their long positions on Bitcoin, those who correctly anticipated the downward trend are now reaping profits in the current slumping cryptocurrency market.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-25066","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=25066"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/25066\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=25066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=25066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=25066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}