U.Today – It looks like the bears are back in the cryptocurrency market, with sentiment slightly shifting towards the negative side. The market has experienced a massive wave of liquidations, with nearly $138 million lost in the last 24 hours. This latest trend shows the increasing volatility that continues to plague digital assets, impacting thousands of traders across various cryptocurrency exchanges.
According to CoinGlass, the recent market crash resulted in the liquidation of 54,568 traders, with $30 million of that coming from compact liquidations and as much as $108 million from long liquidations. The largest single liquidation order occurred on the OKX cryptocurrency exchange and involved an ETH-USD-SWAP position worth approximately $2 million.
Current market sentiment
Examining the distribution of liquidations across major exchanges, Binance led liquidations with a total of $20.35 million, closely followed by OKX with $10.62 million. Other marketplaces such as HTX and Bybit saw $6.09 million and $1.73 million in liquidation, respectively. It is vital to note that most of the liquidations were long positions, indicating a downward trend in the market.
In terms of market performance, core assets showed mixed results as they started a consolidation trend. (BTC) is currently trading at $66,619, after a slight decline of 1.22% in the last 24 hours. (ETH) is trading at $2,574, with a more notable drop of 2.34%. As a result, overall market capitalization remains under pressure due to widespread liquidations, raising concerns about future price stability.
Analysts are predicting several potential outcomes for the broader market. First, a significant number of liquidations could lead to increased volatility, especially if bearish sentiment continues to prevail. This could worsen market volatility, causing prices to fall further. On the other hand, some experts suggest that the market may undergo a correction phase, potentially creating buying opportunities for experienced investors.
