Suggestions have been made indicating a potential slowdown in the cryptocurrency market this summer. However, the current situation appears to be even bleaker than anticipated, resulting in significant losses for many users engaged in futures trading. Investors in cryptocurrencies suffered losses amounting to $400 million in long positions, with over 165,000 investor positions being closed due to the declines in Bitcoin and Ethereum, which subsequently led to substantial losses in other altcoins.
Cryptocurrencies and Liquidation
Recent data from CoinGlass revealed that a staggering $440.24 million worth of positions were liquidated within the past 24 hours. The majority of these liquidated positions, valued at $378.52 million, were in Ethereum. For the latest technology news, visit NEWSLINKER.
Ethereum (ETH) was at the forefront of the liquidation process, with the majority of liquidations being associated with long positions. Losses from short positions amounted to over $60 million.
Prominent DeFi and cryptocurrency investors incurred losses totaling $68.44 million, while those involved in Ethereum short positions lost $16.27 million.
Notably, a single liquidation resulted in the disappearance of $6.44 million in a USDC pair ETH transaction on the Binance exchange.
Data from CoinGlass indicated that the “other” cryptocurrency category ranked second in terms of the largest liquidations, with Bitcoin following closely in third place. Bears and bulls in Bitcoin (BTC) suffered losses amounting to $69.83 million.
Current State of Bitcoin
The market experienced a significant shock in terms of overall volume following the decline on June 17, resulting in a loss of $136 billion. The Crypto Total Market Cap Index (TOTAL) plummeted from $2.385 trillion to $2.249 trillion during this period.
At the time of writing, Bitcoin is being traded at $64,800 after a 0.69% drop. The market cap decreased to $1.27 trillion, while trading volume surged.
BTC’s 24-hour trading volume skyrocketed by 80%, exceeding $37 billion, indicating a notable increase in selling activity driven by market fear.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own thorough research.
