The cryptocurrency market was hit by a fierce short-selling attack late on April 27th, Taiwan time, with the prices of major cryptocurrencies falling sharply in an instant, catching many leveraged investors off guard.
Bitcoin fell below $77,000, and Ethereum dropped below $2,300.
According to real-time market quotes, Bitcoin (BTC) faced heavy selling pressure late at night, with its price plummeting in the short term and breaking through the $77,000 mark. Ethereum (ETH), the second-largest cryptocurrency and a bellwether for the market, was also not spared, following the market's plunge and quickly falling below the key $2,300 support level.
This sharp drop not only broke the recent high-level consolidation pattern in the market, but also triggered a large number of stop-loss and forced liquidation mechanisms in the contract market in a short period of time.
Over 110,000 people across the network experienced liquidations, with Binance seeing a massive liquidation order of 12 million magnesium.
The dramatic price fluctuations immediately triggered a bloodbath in the derivatives market. According to the latest statistics from cryptocurrency data tracking platform CoinGlass, the liquidation crisis in the crypto market in the past 24 hours has been extremely severe:
- Total number of people facing forced liquidation: A total of 110,187 people worldwide are facing forced liquidation.
- Total liquidation amount: The total amount of liquidations across the entire network reached a staggering $451 million (approximately 451.35 million) .
Even more noteworthy is the presence of an exceptionally large single liquidation order during this massive market shakeout. Data shows that the largest single liquidation order occurred on the Binance exchange's ETHUSDT trading pair, with a value of $11.98 million .
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