Crypto Liquidations Settle As Bitcoin Recovers Above $21,000
June 27 2022 - 1:00PM
NEWSBTC
Crypto liquidations had ramped up following the market crash. Even
with the recovery had come more liquidations as short calls had
also taken a hit. However, with the recovery moving over the last
week, the market has begun to regain some semblance of balance and
so the liquidations have begun to settle. Crypto Market
Liquidations Relaxes Although liquidations cannot entirely stop,
the liquidations have begun to subside. It had fallen from over $1
billion in liquidations at the height of the market crash and has
slowly but surely returned to normal levels. This is obvious in
liquidations for the past 24 hours which continue to trend at
around $150 million liquidated. Mostly, it has skewed towards long
traders given that the market had recorded a dramatic dip in the
early hours of Monday morning. Related Reading | Market
Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As
expected, bitcoin and Ethereum take the lead for the digital asset
with the most liquidations in this time period. Bitcoin alone has
recorded more than $43 million in liquidations while Ethereum
liquidations have come out to more than 24K ETH liquidated,
amounting to more than $29 million in liquidations in the past 24
hours. Total market cap below $1 trillion | Crypto Total
Market Cap on TradingView.com More than 74,000 traders have been
liquidated in this time though, of which 69.73% were long trades.
Okex and Binance exchanges have seen the highest liquidations.
However, the largest single liquidation for the last day came from
the Bitmex exchange on the XBTUSD with the trade coming out to
$2.48 million. Market Takes A Nosedive Just as feared, the crypto
market has lost most of the gains that it made last week. The swift
decline in price had come following the return of faith in the
market, indicating that the recent recovery had been a bull trap.
Related Reading | Bitcoin May Not Reclaim All-Time High For
Another Two Years, Binance CEO In this decline, Bitcoin had fallen
sharply from above $21,000 where it had trended for the better part
of the week and had fallen back to the $20,000 territory once more.
The dip resulted in more than $500 lost from bitcoin’s value in a
matter of minutes. As expected, this has triggered liquidations
across various exchanges which brings the total value to $156
million liquidated. Bitcoin liquidations are ramping up on the
one-hour chart with $28 million recorded over the same time period,
coming out to 1,360 BTC liquidated. Featured image from Business
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