Although Bit coin rose above $100,000 during the period from 8 pm to 10 pm last night, it subsequently reversed quickly, falling from $100,000 to $94,000, a drop of about 6%. Ether and other Altcoins were even more disastrous. From the high point last night, Ether fell by about 10% at its lowest, while other Altcoins fell by as much as 20%.
This trend of first surging and then plummeting rapidly has caused many traders in the market to react too slowly. According to data from CoinGlass, in the last 24 hours, a total of 569,585 people were liquidated, with a total liquidation amount of $1.71 billion, mainly in long positions, the largest single-day liquidation amount since September 2021.
In terms of single currencies, the liquidation amount of Ether was the highest, reaching $239 million.
However, it is worth celebrating that after these few days of washing, the overall market leverage has been reduced to a relatively moderate level, which provides a relatively healthy environment for further upward movement.
Altcoins have shown signs of weakness in the past few days, with a significant contraction in the trading volume of spot trading pairs, so the copy trading strategy of GT Radar also cleared most of the Altcoins before this downturn, preserving profits for investors.
(This article is reprinted with permission from GT Radar)
About GT Radar
GT Radar focuses on building a long-term, stable-growth quantitative investment portfolio, with over 10 years of experience in stock and Bit currency quantitative trading. The trading system integrates over 150 strategies, aiming to provide extremely high adaptability and flexibility to ensure the most robust way of profiting from the market.
