Bittime - In the last 24 hours, the crypto market experienced massive liquidations occurring in various major tokens. One of the most affected was Dogecoin (DOGE), which suffered liquidation losses of $60 million, its largest loss since 2021.
Significant Decrease in DOGE Prices
A large number of long positions on major tokens underwent liquidation, with a total of more than $400 million of long crypto positions liquidated in the last 24 hours. DOGE experienced a price decline of more than 10% in this period. This event caused liquidations of long Dogecoin positions to reach $60 million, exceeding the amount of liquidations of long Bitcoin (BTC) positions.
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Liquidation on Primary Token
Not only DOGE, other major tokens also experienced significant liquidation. Long Bitcoin positions lost $47 million, while long Ethereum (ETH) positions saw the largest loss at $76 million. Overall, the crypto market lost more than $440 million from long positions as profit-taking and a strengthening US dollar pressured the market.
Almost All DOGE Liquidations Come from Long Positions
Data from Coinanlyze shows that almost all DOGE liquidation activity in the last 24 hours came from long positions, or bets on higher prices. Only about $600,000 of liquidations came from short positions, or bets against the token.
This liquidation figure is the highest for DOGE futures since May 2021. Most of the liquidations, worth more than $44 million, occurred on Huobi, a crypto exchange popular among Asia-based traders.
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DOGE Long-Short Ratio
Open interest, or the number of outstanding futures bets, has fallen 16% to $600 million. Meanwhile, the long-short ratio tracking DOGE futures shows that traders are positioning for further downside with the ratio standing at 0.94, indicating a bearish bias.
Liquidation occurs when an exchange forcibly closes a trader's leveraged position due to partial or total loss of the trader's initial margin. This occurs when traders are unable to meet the margin requirements for leveraged positions, meaning they do not have sufficient funds to keep the trade open.
The liquidation events that hit Dogecoin and other major tokens in the last 24 hours highlight the risk and high volatility inherent in crypto trading. While the crypto market can provide great profit opportunities, this kind of volatility can also lead to significant losses if not dealt with with the right strategy.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Massive Liquidations Rock the Crypto Market in the Last Hour
How to Take Advantage of Market Crashes and Liquidations in Crypto Investments
The Importance of Liquidity in Crypto, Lessons from PEPE Token Investors
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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