After a brief surge, the cryptocurrency market failed to maintain its bullish momentum, and tonight (16th) the market once again faced heavy selling pressure.
Around 10 PM Taiwan time, the market trend took a sharp turn for the worse. Bitcoin (BTC) encountered strong resistance and quickly fell below the $74,000 mark, briefly dipping to around $73,300. At the same time, Ethereum (ETH) was not spared, following the market's plunge and breaching the important psychological support level of $2,300, instantly shifting market sentiment from optimism to caution.
Long positions suffered a bloodbath, with over $350 million in margin calls across the entire network.
This sudden and sharp drop caught many contract investors who were bullish on the market outlook off guard and were unable to withdraw in time, leading to another large-scale liquidation wave in the derivatives market.
According to the latest statistics from blockchain data analytics platform CoinGlass, a staggering 137,774 people across the cryptocurrency network suffered liquidations in the past 24 hours. The total amount liquidated surged to $350.97 million (approximately NT$11.2 billion), demonstrating the extremely strong counterattack from short sellers, with long positions being the primary victims.
The largest single liquidation involved nearly 10 million magnesium; the victim has appeared on Binance.
Of all the liquidated trades, the most devastating loss occurred on Binance, the world's largest cryptocurrency exchange. The investor traded the BTCUSDC pair, suffering a single liquidation of $9.71 million (approximately NT$310 million), becoming the biggest loser in this market downturn.
The trading platform reminds investors that Bitcoin has been fluctuating wildly in the $73,000 to $75,000 range recently, and the market is prone to sharp rises and falls. When participating in contract trading, it is essential to strictly set stop-loss points and manage margin risk, and never blindly open high-leverage operations.
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