December 10, 2023 10:50 PM | 2 min read
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The cryptocurrency market has witnessed the liquidation of over $340 million longs in the last 24 hours.
What Happened: Leading the pack in the liquidation spree, Bitcoin (CRYPTO: BTC) long positions suffered a $94 million wipeout, closely followed by Ethereum’s (CRYPTO: ETH) $80 million longs sell-off.
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Data from Coinglass shows over 113,594 traders feeling the pinch of market forces. The single most notable incident occurred on the OKX platform, where a Bitcoin-to-USDT perpetual swap position faced a swift exit, amounting to $8.23 million in value, marking the largest individual liquidation.
OKX witnessed a massive $164.62 million in liquidations, of which $151.15 million were in long positions.
Binance was not far behind with overall liquidations reaching $118.33 million, where long positions accounted for $96.53 million and short positions sitting at $21.81 million. The percentage of longs stood at 81.57%.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
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Why It Matters: On-chain analyst Willy Woo signaling a possible correction in Bitcoin’s market price, potentially drawing down to a level of $39,700.
Peter Schiff chimed in with an analogy to the sports world, likening Bitcoin’s sharp decline to the disappointing performance of the NFL’s Philadelphia Eagles.
Price Action: At the time of writing, Bitcoin was trading at $42,195, down 3.62% in the last 24 hours, according to Benzinga Pro.
Photo by DUSAN ZIDAR on Shutterstock
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“Finish 2023 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to end 2023 strong with 12 hot stock ideas every single month. ACT FAST.
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