$2.7 Billion Evaporates from the Market, Nearly 600,000 Accounts "Burned" in 24 Hours
The cryptocurrency market has just experienced one of the bloodiest days in recent history, as a liquidation storm wiped out billions in market capitalization and "sent" over half a million investors to liquidation island.
🔸 In the past 24 hours, the total liquidation value reached $2.69 billion USD. The number of victims is 586,533 traders whose accounts were liquidated.
🔸 The single largest liquidation was a whale on the Binance exchange who "burned" a BTC/USDT long position worth $12.02 million USD.
🔸 The Bulls (Long) Suffer Heavy Casualties. Looking at the statistics, it's clear this was a massacre targeting the buying side (Long). Out of the total $2.69 billion liquidated, a massive $2.30 billion came from Long positions. Only about $388 million were Short positions.
🔸 Bitcoin accounted for the largest share on the heatmap with liquidation amounts of $1,42b. $ETH also shared the same fate, with liquidation amounts of $570m
$2.7 billion has been "harvested" by Market Makers. With the Long side largely flushed out and Short positions being squeezed in the short term, do you assess that the market is cleared for recovery, or is this just a dead cat bounce?
News is for reference, not investment advice. Please read carefully before making a decision.