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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Total Liquidation Surpasses $140 Million As Bitcoin (BTC) Continues Downtrend

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
dYdX Sees Sudden Decline

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The crypto market experienced a significant downturn over the past 24 hours, leading to a total liquidation of over $140 million as Bitcoin (BTC) continues its downtrend. According to data from Coinglass, a record of approximately 57,585 traders have been liquidated, and the total value is still counting.

Notably, traders that are currently experiencing major losses with the overall downward trend of the crypto market are those who have taken long positions, speculating that the market will eventually trend upwards.

Largest Liquidations On OKX And Binance

Digital asset exchanges OKX and Binance recorded the largest amount of liquidations, accounting for $48.3 million and $44.94 million, respectively. The data further reveals that long liquidations amounted to approximately $114.8 million of the total liquidations, whereas short liquidations were $29.8 million. 

Long liquidations accounted for 79.39% of the total liquidations in the past 24 hours while short liquidation accounted for 25.96%. Bitcoin (BTC) was the most affected cryptocurrency, accounting for $50.97 million of the total liquidation. 

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Altcoins such as Ethereum (ETH) closely followed, with $30.29 million in liquidations, while the frog-themed meme coin PEPE accounted for over $7 million. Meanwhile, the largest single liquidation occurred on OKX with a BTC-USDT swap valued at $2.61 million.

It is worth noting these figures confirm that the ongoing market downturn is affecting both long and short positions.

Bitcoin And PEPE Plunges

The global crypto market cap has also slumped below the $1.2 trillion mark with a value of $1.14 trillion at the time of writing, down by nearly 2.5% in the last 24 hours.

This decline follows the plummet from Bitcoin and the recently hyped memecoin PEPE which plunged over 20% in the past 24 hours with more than $100 million subtracted from its market capitalization.

Interestingly, PEPE’s trading volume has surged in the past 24 hours indicating a possible violent sell-off. Its daily trading volume has moved from $408 million as of yesterday to $647 million in the last 24 hours.

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dYdX Sees Sudden Decline

Crypto Whale Suffers $500,000 Loss As PEPE Price Plummets

2 years ago

Top crypto Bitcoin has also lost more than $20 billion from its market cap in the past 24 hours, down by nearly 4%, indicating selling pressure. Though Bitcoin recorded a surge in April that pushed its price to trade above $30,000, the asset has seen a bearish trend since then.

Bitcoin’s (BTC) price chart on TradingView
Bitcoin’s (BTC) price moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

The causes of the current market downturn are not entirely clear, however, it can be attributed to the US government’s recent decision to increase interest rates earlier this month may have contributed to the sell-off.

Featured image from Unsplash, 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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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