Crypto markets are witnessing massive liquidations as the period of stagnation pushes deep-pocketed investors into adopting less volatile currencies such as stablecoins.
According to digital assets-focused market intelligence platform Coinglass, nearly 1750,000 traders have liquidated their crypto assets in the past 24 hours, with $675.82 million in total money flushed.
Flagship cryptocurrency Bitcoin (BTC) saw the biggest drop with a staggering $259.62 million in market value wiped out in the past 24 hours while top smart contract platform Ethereum (ETH) followed with $206.04 million in losses.
Ethereum-challengers and layer-1 solutions Terra (LUNA) and Solana (SOL) suffered losses of $15.07 million and $14.69 million, respectively.
Other top crypto assets incurring the largest losses are:
Data from whale-watching platform WhaleStats shows that the top 1,000 richest ETH wallets in the world are loading up on stablecoins amid the market sell-off.
During the last day, dollar-pegged stablecoin Tether (USDT) has become the second-most purchased token among Ethereum whales, with an average purchase amount of $96,745, according to WhaleStats.
Fellow stablecoins Binance USD (BUSD) and USD Coin (USDC) are on the second and third spot on the list with average purchase amounts of $78,964 and $23,303, respectively.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/creativeneko/NeoLeo
Credit: Source link
