Source: cryptoslate
Compiled by: Blockchain Knight
With BTC experiencing another flash crash, the Crypto asset market has experienced a series of liquidations totaling $1.52 billion in the past 24 hours.
According to data from Coinglass, long positions accounted for the vast majority, with the entire market liquidating $1.39 billion, while short liquidations accounted for $137 million.
This marks the second consecutive week of violent fluctuations, with all Crypto assets other than BTC being severely impacted.
In just the past hour, over $759 million in liquidations have occurred, highlighting the speed and scale of the selloff.
According to CryptoSlate data, the BTC price plummeted to an intraday low of $94,129 before partially recovering. As of now, the trading price is around $97,000.
BTC's sudden drop has triggered $83.99 million in position liquidations in the past four hours, with long traders accounting for the majority.
The liquidation of leveraged positions has further increased the downward pressure and exacerbated losses across the entire market.
Ethereum has been hit the hardest, with $134.5 million liquidated in the past four hours alone.
The asset's price has plunged from its recent highs, dropping to $3,510 before recovering to the current level of around $3,700.
Dogecoin has also seen massive liquidations, with $51.55 million in capital being wiped out as the token struggled to maintain above key support levels, dropping to an intraday low of $0.38 before recovering to $0.422.
The tokens that have suffered the biggest losses include SOL and XRP, with the former seeing $33.61 million in liquidations and the latter $33.78 million.
These two tokens dropped to $203 and $2.01, respectively, before buyers stepped in to push them back up to $220 and $2.26.
ADA has also faced immense pressure, breaking below the key psychological level of $1 to reach $0.91. As of now, it is still hovering around the $1 mark.
Overleveraged positions, weak sentiment, and a flurry of stop-loss orders have all contributed to the rapid selloff.
Binance has seen the largest liquidation volume, with $417.65 million in positions being closed in the past four hours.
OKX follows closely with $224.76 million, while Bybit has had $207.16 million in positions liquidated.
The single largest liquidation event occurred on the ETHUSDT trading pair on Binance, totaling $19.69 million.
Despite the large-scale liquidation and violent fluctuations, the Crypto Asset Fear and Greed Index remains in the extreme greed zone at 78.
