Bitcoin 5% correction triggers $400M liquidations as Asia markets open for the week

Nearly 120,000 cryptocurrency traders lost more than $400 million in the past 24 hours as digital asset prices plummeted during the opening of Asian trading hours on December 11.

glass coin data indicates that approximately $356 million of these liquidations were attributed to long positions, marking the largest single-day loss driven by long speculation in the past four months. Additionally, short traders faced losses totaling $54.79 million.

Crypto market settlements. (Source: Coinglass)

bitcoin Merchants bore the brunt of these losses, accounting for approximately $104 million in total settlements. Long positions in BTC contributed $90.9 million to this figure, while short positions accounted for $12.12 million.

Ethereum Investors also faced considerable losses, with around $74.62 million in long positions liquidated along with $6.52 million in short positions.

Other cryptocurrencies like solarium, XRP, Dogecoin, avalanche, Cardanoand Litecoin It experienced notable losses for traders holding long positions during this period.

Among the exchanges, OK and binance witnessed the most significant losses, with settlements exceeding $171 million and $128 million, respectively. Notably, the most substantial single loss recorded was an $8.2 million long bet on the price of Bitcoin on the OKX exchange.

The crypto market takes a breather.

Bitcoin, the largest cryptocurrency by market cap, fell about 5% to a low of $41,649 before recovering to its current value of $42,155 at press time, according to CryptoSlate data.

The BTC crash led to price declines in other major cryptocurrencies such as Ethereum, which fell almost 5%, followed by other large-cap cryptocurrencies such as Solana, XRP, Binance-backed BNB, and Cardano, which sustained some of their most considerable losses. in recent years. weeks.

The global crypto market capitalization fell by around 4% to $1.57 trillion.

The recent drop comes after a three-month rise. fueled by optimism on the possible approval of a Bitcoin Exchange Traded Fund (ETF) in the United States.

Although approval has not yet materialized, experts point out that communications between the United States Securities and Exchange Commission (SEC) and the applicants is a positive sign, hinting that the regulator could finally give the green light to these investment products.

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