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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Traders Count Losses As Total Liquidations Approach $300 Million

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Cardano Uncertain Path

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Bitcoin (BTC) traders have experienced a tough week as the cryptocurrency dipped below $30,000, causing panic among traders who shorted Bitcoin in the hope of the asset’s price moving upwards. 

According to data provider Coinglass, many traders are counting their losses, and a record of approximately 87,977 traders have liquidated over the past 24 hours, totaling $291 million and counting.

Total Liquidations Approach $300 Million

Binance recorded the largest amount of liquidations, at $49.9 million, among all the tracked crypto exchanges involved in the liquidations. Other crypto exchanges in the market had a smaller trader volume, making the lack of surprise understandable.

The data reveals that longs liquidated in the last 24 hours amounted to approximately $262 million (89.9%) of the total liquidations.

Short liquidations also occurred in the same period, accounting for almost 10% of the total liquidations in the past 24 hours, with $25.6 million in long liquidations.

Despite the bearish trend in the market, one trader executed the largest single liquidation in the period, an LTCUSD swap valued at $3.92 million, on Binance.

Bitcoin Slumps Below $30,000

The global crypto market cap has also slumped below the $1.3 trillion mark with a value of $1.256 trillion at the time of writing, down by nearly 5% in the last 24 hours.

Bitcoin has lost more than $20 billion to its market cap in the past week, down by nearly 4%, indicating selling pressure. Though the top crypto saw a slight uptrend on Tuesday that pushed its price to still trade as high as $30,359, the asset has seen a bearish trend since then.

Bitcoin price chart on TradingView
Bitcoin price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

However, the cryptocurrency market is not all doom and gloom as some traders have managed to turn a profit by trading other cryptocurrencies. The current bearish trend has highlighted the importance of diversification for traders who want to minimize losses.

It is worth noting that traders who shorted Bitcoin in the hope of the asset’s price moving upwards are experiencing significant losses as the cryptocurrency market slumps. However, as the crypto market continues to experience volatility, it’s important to note that losses in trading are not uncommon. 

Additionally, it’s important to keep a level head and not panic when faced with losses. The market is constantly fluctuating and traders should have a long-term outlook rather than focusing on short-term gains.

Despite the current market being challenging for some traders, the crypto space continues to evolve. Yesterday, a proposal to make PancakeSwap (CAKE) scarce to prevent the token from collapsing was submitted. 

The latest proposal for CAKE involves implementing an annual inflation rate of 3% and 5% to transition towards a more sustainable staking model. The main objective is to ensure low staking inflation for CAKE, with the real yield coming from PancakeSwap’s revenue. The proposed structure aims to provide incentives for long-term CAKE staking.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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