2 November 2024
Volatile Crypto Market Results In Crypto Liquidations Worth $3.4 Billion
Bitcoin, the leading Cryptocurrency, plunged by 15%, with Ethereum, the second-largest Cryptocurrency, and various Digital Assets.
The recent Crypto market volatility has liquidated $3.4 billion worth of long trading positions in the last 24 hours. According to a leading on-chain analytics platform, bybt.com, Cryptocurrency market sell-off liquidity over $1.3 billion worth of long Bitcoin positions. Etehreum came at the second spot with liquidations of more than $900 million worth of long ETH positions.
On 7th September 2021, at the time of the Asian trading session, Bitcoin had touched the high of nearly $53,000. Nevertheless, the Cryptocurrency asset plunged by 20% during the US session and reached a low of $43,000. Later, BTC recovered quickly from the recent lows and reached the price level of $46,500. Presently, BTC is trading at $46,600 with a market cap of $875 billion. Meanwhile, Ethereum had crossed $3,900 at the time of the Asian session, but it dropped heavily in the US session and touched a low of $3,060. However, it recovered quickly and regained the price level of $3,450.
Besides Ethereum and Bitcoin, the volatility in the crypto market liquidated massive trading positions in XRP, Solana, ADA, DOGE, FIL, and Ethereum Classic. As per bybt.com, approximately $220 million worth of long XRP positions got liquidated in the past 24 hours. Despite the earlier dip, SOL saw a strong recovery. Adding Santiment emphasized, “Largest Bitcoin dip in 4 months, Solana doesn’t care. After dropping from $185.66 to $131.82 in under 2 hours, the crypto asset went right back up to $186.03 at the time of this writing.”
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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