Speculations about a summer slowdown in the cryptocurrency market were circulating, but the current scenario is proving to be worse than anticipated. This downward trend has resulted in significant losses for many users involved in futures trading. Around $400 million was lost in long positions by cryptocurrency investors, leading to the closure of over 165,000 positions. The declines in Bitcoin and Ethereum have also caused substantial losses in other altcoins.
Cryptocurrencies and Liquidation
Recent data from CoinGlass revealed that a staggering $440.24 million worth of positions were liquidated in the past 24 hours, with Ethereum accounting for a significant portion at $378.52 million. Ethereum (ETH) witnessed a surge in liquidations, primarily linked to long positions, resulting in losses exceeding $60 million in short positions.
Leading DeFi and cryptocurrency investors suffered losses amounting to $68.44 million, while bears in Ethereum short positions lost $16.27 million. The most significant liquidation event involved the disappearance of $6.44 million in a single transaction using a USDC pair ETH on the Binance exchange. CoinGlass data highlighted the “other” cryptocurrency group ranking second in terms of largest liquidations, with Bitcoin following closely in third place as bears and bulls lost $69.83 million.
Current State of Bitcoin
Following a substantial decline on June 17, the cryptocurrency market encountered a significant shock in overall volume, resulting in a loss of $136 billion. The Crypto Total Market Cap Index (TOTAL) dropped from $2.385 trillion to $2.249 trillion during this period.
At the time of writing, Bitcoin is being traded at $64,800, experiencing a 0.69% decrease. The market cap has fallen to $1.27 trillion, while the trading volume has seen an increase. BTC’s 24-hour trading volume has surged by 80%, surpassing $37 billion, indicating a surge in selling activity driven by market fear.
Please note that the information provided in this article does not constitute investment advice. Investors should be cautious as cryptocurrencies are highly volatile assets carrying risks, and it is recommended to conduct thorough research before making any investment decisions. Follow our latest news updates on Telegram, Facebook, Twitter, and Coinmarketcap.