More than $1 billion in crypto assets have been liquidated in the last 24 hours as Bitcoin (BTC) leads a volatile move to the downside.
New data from market intelligence firm Coinglass shows that $1.02 billion in digital assets were liquidated in the last day as the king crypto sank to as low as $26,410.
More than 173,576 traders who bet on the crypto markets with leverage were liquidated.
The digital assets with the most liquidated contracts in the last 24 hours are BTC, with $490 million liquidated, followed by Ethereum (ETH) with $304.78 million liquidated, and XRP with $25.87 million liquidated.
Coinglass data shows that about $325 million worth of derivatives contracts were closed from crypto exchange OKX, followed by $272 on Deribit and $213 million on Binance.
Analyst are just beginning to review their outlooks in the wake of the market nosedive.
The pseudonymous analyst known as Credible Crypto tells his 345,100 followers on the social media platform X that he believes Bitcoin’s drop marks the beginning of a final consolidation phase before BTC will eventually break to the upside.
“This is it – the largest amount of daily liquidations in over a month on this move. Should be the beginning of the end of this consolidation.
Every single consolidation structure since $15,000 has ended with a final flush to the downside before a reversal. Anything above $25,000 is fair game and doesn’t change HTF (high timeframe) bullish structure in the slightest. Get through this and you’re good.”
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