More than 45,000 overleveraged traders have been liquidated in the past 24 hours as the crypto market turns red again.
Some of the biggest daily losers come from the always volatile memecoin industry, with BONK, PEPE, and FLOKI leading the opposite trend.
crypto potato Yesterday, we reported that Bitcoin soared above $64,000 several times, with most large cryptocurrencies posting significant gains.
However, the asset was unable to decisively overcome that level and bears have since resurfaced. Within hours, they pushed the major digital asset well below its 10-day low of $62,000.
Despite some recovery since then, BTC is still trading in the red, losing more than 2% of its value.
The situation surrounding altcoins is getting even worse. Solana led the trend with his 5% decline, pushing the price down to $136. Yesterday’s top performer, Ethereum, has fallen 3.2% and is currently struggling to break above $3,200.
Even more losses are evident from representatives of the meme coin space. BONK fell by almost 10%, followed by PEPE (down 8.5%) and FLOKI (-7.5%).
Unsurprisingly, these declines have had a negative impact on overleveraged traders, with more than 45,000 speculative market participants liquidated in the past day alone.
The total value of the destroyed positions is just over $100 million. The largest single event was held at OKX and was worth almost $3 million.
Despite the bearish sentiment across the market, there are still some positive signs and developments on the Bitcoin front that could reverse its recent downward trajectory.
