Crypto Market Sees Sudden Liquidations Worth $286M

Cryptocurrency Market Experiences Massive Liquidation

Over the past 24 hours, the cryptocurrency market has witnessed a significant decline in prices, including Bitcoin, leading to a surge in liquidations. According to CoinGlass's on-chain data, approximately 99,014 traders were liquidated, resulting in a total liquidation value of $286.26 million.

Bitcoin Liquidation

Bitcoin accounted for $69.2 million of the total liquidations, with $44.92 million in long trades and $22.29 million in short trades.

Ethereum Liquidation

Ethereum experienced a higher liquidation value than Bitcoin, totaling $91.73 million. Other digital assets such as Solana (SOL), Dogecoin (DOGE), and others collectively recorded liquidations of $40.20 million.

Exchange-Specific Liquidations

The massive liquidations were observed across major exchanges, including Binance, OKX, ByBit, Huobi, and Bitfinex. Binance recorded the largest single liquidation.

Underlying Factors

The specific reasons behind the liquidations remain unclear, but the sentencing of Changpeng 'CZ' Zhao may have played a role.

Bitcoin Price Decline

Amidst the sell-off and market uncertainty, traders are expressing concern as the liquidations erase recent gains. Bitcoin, which reached $73,000 in March and found support at $65,000 in recent weeks, is now trading at $60,437.79, marking a 4.11% decrease over the past 24 hours.

Technical Indicators

Technical indicators suggest a potential decline in Bitcoin's price, increasing the likelihood of a further drop below $60,000.

ETF Hype Slowdown

The slowdown in the hype surrounding spot Bitcoin ETFs, which began prior to the halving event, is believed to be contributing to the price decline. The launch of a spot Bitcoin ETF in Hong Kong failed to appease investors due to lower-than-expected trading volume.

Analysts' Speculation

Despite the recent dip, some analysts believe Bitcoin can still reach $70,000 or even $100,000 post-halving. Ethereum has also experienced a decline of 6.46%, currently trading at $2,971.75.