Bittime - The crypto market was hit by turmoil this week with massive price increases being hampered. This caused Bitcoin (BTC) to break through an important support level, prompting analysts to worry about the impact on the overall market.
Bitcoin Price Today
As of press time, Bitcoin prices have plummeted to $67,000, triggering massive liquidations across exchanges. Data from CoinGlass shows 76,000 traders liquidated, with total losses reaching $159 million in the last 24 hours.
Most of the liquidations involved $125 million long positions, suggesting investors anticipating a rise in BTC prices were caught in the sudden price drop.
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Impact of Bitcoin Price Drop on Short Term Traders
Even though long-term traders are the ones who suffer the most, short-term traders are not immune from the impact.
Data from CoinGlass shows that about $34 million of short positions were liquidated when Bitcoin prices fell below $68,000 again.
BTC Price Drop Triggers Liquidations Across Crypto Exchanges
This price drop triggered liquidations across centralized exchanges, resulting in losses worth $159 million. Binance, the world's largest crypto exchange, was the hardest hit with total liquidations reaching $78 million, or around 48% of total liquidations.
The company, which is currently led by Richard Teng, experienced a platform loss of $78 million in the last 24 hours. The largest liquidation order, worth $2.69 million, also occurred on Binance.
In addition to Binance, OKEx contributed around 32% of the total liquidations, with their platform recording $51.68 million worth of liquidations.
Also Read How to Buy Crypto:
Losses on the World's Largest Crypto Exchange
Other exchanges such as Bybit, Huobi Global (now renamed HTX), and CoinEx also contributed significantly to the total $159 million in liquidations in the crypto market.
CoinGlass data shows that Bybit lost $13.78 million, while HTX and CoinEx saw liquidations worth more than $14 million combined.
Significant Impact of Price Drops on the Crypto Market
Traders are experiencing huge losses on crypto exchanges as Bitcoin and Ethereum prices plummet. Bitcoin traders lost around $22.9 million, while Ethereum traders lost more, namely $26.79 million.
The drop also impacted other crypto assets, with the combined liquidation total reaching $30.56 million.
BTC Price Drop Still Continues
This condition is exacerbated by the continuing decline in the value of Bitcoin. In the last hour, liquidations reached $16.5 million, with long traders being the biggest losers.
They lost about $14 million, while short positions experienced only $2.24 million in liquidations in the same period.
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Conclusion
Overall, the crypto market experienced a drastic decline over the last 24 hours. According to CoinMarketCap, the current crypto market capitalization is only around $2.5 trillion, with Bitcoin still dominating with a market cap of $1.33 trillion.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through 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.
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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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