It appears that the U. bears are returning to the crypto market today, with sentiment shifting slightly towards the negative. The market has been hit by a wave of large-scale liquidations, with almost $138 million gone in the past 24 hours. This latest trend is indicative of the increased volatility that continues to plague digital assets, impacting thousands of traders across various crypto exchanges.
According to CoinGlass, 54,568 traders were liquidated during the recent market crash, with $30 million in short-term liquidations and a whopping $108 million in long-term liquidations. The single liquidation order occurred on the OKX cryptocurrency exchange and included approximately $2 million worth of ETH-USD-SWAP positions.
Current market sentiment
Looking at the breakdown of liquidations among major exchanges, Binance came out on top with a total liquidation of $20.35 million, followed closely by OKX with a total of $10.62 million. Other trading platforms such as HTX and Bybit recorded liquidation amounts of $6.09 million and $1.73 million, respectively. It should be noted that the majority of liquidations are from long positions, indicating a bearish trend in the market.
In terms of market performance, major assets are showing mixed results as a consolidation trend has begun. (BTC) is currently trading at $66,619 after a slight decline of 1.22% in the past 24 hours. (ETH) is trading at $2,574, representing a 2.34% decline. As a result, overall market capitalization remains under pressure due to large-scale liquidations, raising concerns about future price stability.
Analysts predict several potential outcomes for the broader market. First, large liquidations can lead to increased volatility, especially if bearish sentiment continues to prevail. This could further exacerbate market volatility and cause prices to fall further. On the other hand, some experts suggest that the market could be entering a correction phase, creating a buying opportunity for smart investors.
This article was originally published on U.Today
