Data shows the cryptocurrency derivatives market has seen more than $700 million in long liquidations as Bitcoin and altcoins have plummeted.<\/p>\n
Bitcoin and the wider cryptocurrency market has witnessed a wave of bearish momentum during the past day as prices across the coins have declined. BTC went into the low $114,000 levels earlier in the day, but the coin has since bounced back above $115,000.<\/p>\n
The below chart shows how the asset\u2019s recent performance has looked.<\/p>\n
Last week, BTC also dropped toward the $115,000 mark, but back then, it was able to quickly bounce back to resume sideways movement around $118,000. As such, it only remains to be seen whether the current deviation is a temporary one as well or if it\u2019s the start of a real break away from the consolidation range.<\/p>\n
Most of the altcoins have taken a worse hit than the number one cryptocurrency during the past day, with some like Solana (SOL) and Hyperliquid (HYPE) exceeding losses of 5%.<\/p>\n
A consequence of the market-wide volatility has been that liquidations<\/a> have piled up over at the derivatives side of the cryptocurrency sector, according to data from CoinGlass<\/a>.<\/p>\n Below is a table that shows the numbers related to the latest market liquidations.<\/p>\n As is visible above, a total of $804 million in cryptocurrency contracts have found liquidation during the past day. Out of these, $741 million of the contracts, equivalent to 92% of the total, were longs<\/a>.<\/p>\n Ethereum (ETH) led the derivatives flush with $250 million in liquidations, Bitcoin followed at $200 million.<\/p>\n ETH topping the sector in this metric over BTC is likely a combination of two factors: its price has seen a steeper decline in the last 24 hours and speculative interest around it has been elevated due to the earlier breakout.<\/p>\n Signs were already there that a volatile liquidation event may be coming. As this chart shared by CryptoQuant community analyst Maartunn<\/a> on Wednesday shows, the Bitcoin Aggregated Open Interest<\/a> was sharply climbing.<\/p>\n The \u201cAggregated Open Interest\u201d here naturally refers to an indicator that keeps track of the total amount of derivatives positions related to BTC that are open on all centralized exchanges.<\/p>\n The speculators haven\u2019t been dissuaded by the latest liquidations, either, as Maartunn has today pointed out a sharp jump in the Bitcoin Open Interest on cryptocurrency exchange ByBit.<\/p>","protected":false},"excerpt":{"rendered":" Data shows the cryptocurrency derivatives market has seen more than $700 million in long liquidations as Bitcoin and altcoins have plummeted. Bitcoin Price Just Made A Low Under $115,000 Bitcoin and the wider cryptocurrency market has witnessed a wave of bearish momentum during the past day as prices across the coins have declined. BTC went […]<\/p>\n","protected":false},"author":0,"featured_media":85803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-85802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/85802"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=85802"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/85802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/85803"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=85802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=85802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=85802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}