The cryptocurrency market saw a modest recovery on Tuesday, with nearly all tokens in the top 100 by market capitalization posting gains compared to the previous day. However, this bullish trend has led to significant liquidations worth over $87 million in the last 24 hours, of which $56 million came from short positions. according to CoinGlass.
Bitcoin (BTC) gained 2.45% in the last 24 hours, trading at $61,983, while Ethereum (ETH) has increased by 1.88% to $3,403. In particular, memecoins like Pepper (PEPPER) and Dog hat (WIF) had an exceptional performance, with gains of 15.9% and 16.8%, respectively.
While these gains are positive for the overall market, they have spelled trouble for those taking short positions. Even those with long positions faced some setbacks, with approximately $30.9 million in long positions being liquidated. The cryptocurrency market had been on a downward trajectory for the past two weeks, with Bitcoin falling to $59,780 yesterday. Several factors have contributed to this downward pressure, such as the Mass sale of seized Bitcoin by Germany and the anticipated Bitcoin moves held by failed crypto exchange Mt. Gox.
Bitcoin and Ethereum have been particularly hard hit by recent sell-offs, reaching more than $360 million on June 24, when Bitcoin fell below $60,000 for the first time since early May. Amid these market movements, analysts are watching for "accumulation whales," large investors who may be taking advantage of lower prices to accumulate more assets.
