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Crypto Market Liquidations Surges Past $250 Million As Bitcoin Declines Below $20,000
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With bitcoin’s decline below $20,000, the crypto market liquidations have ramped up once more. The market which had been regaining some semblance of normality has now lost its hold. As bears continue to drag down prices across the space, traders are being liquidated left, right, and center. Although the liquidations have not been record-breaking in any way, they remain significant enough to draw attention.
More Than 69,000 Traders Liquidated
The liquidations in the crypto market have been slow for the last week. However, the turn of the market yesterday had seen liquidations ramp up once more. Bitcoin had declined to the $18,000 level and had dragged Ethereum down with it to almost $1,000. As such, a lot of traders found themselves liquidated.
Related Reading | Crypto Lending Platforms Under Immense Stress As Court Orders 3AC Liquidation
Data from Coinglass shows that more than 69,000 crypto traders have been liquidated in the past 24 hours. The majority of these liquidations had been from bitcoin and Ethereum traders who have seen a combined loss of almost $200 million, making them the largest losers.
In total, the crypto market has recorded more than $250 million liquidated as losses have increased across other cryptocurrencies. Digital assets such as SOL and AVAX have also come under fire in the liquidation avenues, recording $6.66 million and $4.84 million in the last day respectively.
Market liquidations ramp up | Source: Coinglass
Despite the decline in price though, short traders have borne the brunt of these liquidations. This comes as no surprise though because bitcoin had recovered just as quickly as it had fallen, although it has failed to regain its position above $20,000.
More Than $100 Billion Wiped Off Crypto Market
The crypto market cap has fallen below $1 trillion had triggered in the hearts of investors. Nevertheless, the market had held at eh $900 billion level. That is until the crash rocked the market on the last day of June, making sure that the market had ended the second quarter of 2022 in the red.
Market cap declines to $842 billion | Source: Crypto Total Market cap on TradingView.com
Following the price crash, more than $100 billion had been wiped off the market cap in the space of a day. On Thursday, June 30th, the market had bottomed at $821 billion, down $108 billion from its previous day’s peak of $929 billion.
Related Reading | Is Coinbase Losing Its Edge? Nano Bitcoin Futures Sees Low Interest
The entrance into the new month has brought some glad tidings for the market, however. With bitcoin recovery to the mid-$19,000s, the market cap has since added about $35 billion. This has now put its current value at $856 billion.
The crypto market remains in a recovery trend as of the time of this writing. Bitcoin is up almost $1,000 from the crash while Ethereum continues to hold above $1,000.
Featured image from GoBankingRates, chart from TradingView.com
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