Long Liquidations Continue To Rock Market As Bitcoin Struggles To Settle Above $30,000
20 Mai 2022 - 07:00PM
NEWSBTC
The effects of the long liquidations that rocked bitcoin after the
digital asset had fallen to $25,000 continue to be felt even now.
Bitcoin which has since managed to recover above $30,000 once more
remains a prime liquidation target in the market. Even now, a week
after the crash that had seen it record its largest liquidation
event in six, long traders are still being rekt in the markets.
Bitcoin Liquidations Touch $61 Million Bitcoin long liquidations
may have slowed down but they are far from over. In the last 24
hours, the market has seen more than 61 traders liquidated which
has come out to more than $257 million liquidations in the last 24
hours. Naturally, bitcoin liquidations make up a large portion of
this and long traders have been the worse hit in the market.
Related Reading | Exchange Inflows Rock Bitcoin, Ethereum As
Market Struggles To Recover Bitcoin liquidations touched above $61
million on Friday after a particularly brutal day of trading on
Thursday. The majority of these had taken place in the
mid-afternoon to early evening of Thursday that saw traders
liquidate more than $30 million. This had been a result of bitcoin
falling below the $30,000 level, a level which it will ultimately
retake in the early hours of Friday. Indicators had turned bullish
for the digital asset after this recovery. Even though long traders
had seen the most losses for the 24-hour period, it was beginning
to turn in their favor as short traders started taking more of the
heat with time. BTC recovers above $30,000 | Source: BTCUSD on
TradingView.com Crypto Market Still Red Liquidations across other
cryptocurrencies such as Ethereum had also been significant in this
same 24-hour period, although not to the same extent as bitcoin. In
total, there have been $29 million in Ethereum liquidations over
the last 24 hours and $7.16 million on the 12-hour chart. Related
Reading | More Stress For El Salvador As Bitcoin Dips To
$29,000 The broader crypto market liquidations touched as high as
$258 million as of the time of this writing. Data from Coinglass
shows that 73.55% of this figure has been made up of long
liquidations. 40.28% of these liquidations have come from crypto
exchange Binance, where long liquidations were of a similar
percentage. On Okex, 81.54% has been from long liquidations and has
made up the majority across various exchanges as well. Other
digital assets that have seen large liquidations including GMT,
SOL, and APE, are all being driven by the recent downtrend. Bitcoin
has recovered above $30,000, ETH is back above $2,000, and this is
facilitating a change. The most recent liquidations on the 4-hour
chart have been made up of shorts as sentiment begins to turn
positive among investors. Featured image from The Indian Express,
chart from TradingView.com Follow Best Owie on Twitter for market
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