The digital currency market started this week with a heavy crash. Over the past 24 hours, a widespread wave of liquidations has led to the loss of $620.5 million in capital in the market. The sudden plunge began with a sharp drop in the price of Bitcoin (BTC) reaching $80,000 over the weekend. This price drop triggered margin trading and forced traders out of leverage positions, intensifying market volatility. According to Coinglass data, more than 225,381 traders have been liquidated in this period. The majority of these losses are related to long positions, resulting in $529.4 million in capital being wiped out. On the other hand, short traders faced $91.1 million in liquidations. Bitcoin led this trend with $239.5 million in liquidations. The largest liquidation occurred on the Binance exchange, where a BTC/USDT position worth $32 million was liquidated. Ash Crypto, a prominent market analyst, compared this situation to past crises and stated that the volume of liquidations in Bitcoin long positions during this crash exceeded even the crises of 3AC, Celsius, and FTX. According to CryptoQuant data, the recent drop saw the number of Bitcoin long liquidations reach 14,714 cases, setting a new record in the history of the crypto market. The decline in Bitcoin price has been exacerbated by concerns about economic recession and Donald Trump’s executive order, causing the total cryptocurrency market value to decrease by $148 billion. Ethereum (ETH) has also not been spared in this downward trend, with $108.5 million of its positions being liquidated. Meanwhile, some whales are under immense pressure; for example, a whale holding 65,675 Ethereum on the Maker platform is on the verge of being liquidated. However, some whales have profited significantly by correctly predicting the downward trend through short positions and are still adjusting their positions. You can track the live prices of all tokens and cryptocurrencies on the Instant Digital Currency Prices page.
