More than 164k traders liquidated as Bitcoin (BTC) retracts

More than 164k traders liquidated as Bitcoin (BTC) retracts
фото показано с : invezz.com

2024-3-5 12:45

The cryptocurrency market witnessed a whirlwind of activity in the past 24 hours, with 164,213 traders facing liquidation, at press time, as Bitcoin (BTC) retraced from its recent highs.

Liquidations totalling a staggering $553.37 million underscored the volatility inherent in the crypto space, prompting a flurry of activity among investors and traders alike.

Bitcoin (BTC) market turbulence sends shockwaves

Late Monday night, Bitcoin’s price surged to dizzying heights, briefly touching the $68,500 mark, while Ethereum (ETH) followed suit, inching above $3,700.

However, this euphoric rally was short-lived as profit-taking ensued, leading to a sharp decline in prices during the early Asian trading hours.

Shortly after, Bitcoin plummeted to as low as $64,500 before clawing its way back to slightly above $66,600 at the time of writing.

This roller-coaster caused long positions to suffer losses exceeding $240 million, while shorts witnessed evaporated positions totalling $320 million.

The liquidation spree did not only affect Bitcoin and Ethereum as meme coins, including Dogecoin (DOGEE), Shiba Inu (SHIB), and Pepe coin (PEPE), also experienced an unprecedented $90 million in liquidations across various exchanges, adding to the market’s unpredictability.

Leveraged bets and funding rates surge

Coinglass data reveals a surge in leveraged bets on crypto futures Open Interest nearing $70 billion over the past week.

Crypto futures open interest (Coinglass)

Concurrently, funding rates on certain tokens have soared to over 100% annualized, indicating a heightened appetite for risk among traders.

Funding rates represent the fees traders pay when borrowing additional capital to amplify their trading positions.

The significant moves observed in SHIB tokens have raised concerns among analysts, who view such developments as potentially bearish signals. Historically, the outperformance of meme coins has coincided with local tops in Bitcoin prices, signalling speculative froth and potential market reversals.

The total liquidations, surpassing half a billion dollars, highlight the inherent risks associated with leveraged trading in the crypto market.

Margin calls, triggered by rapid price movements, resulted in significant losses for traders across various time frames.

The largest single liquidation order, valued at $8.23 million, occurred on Binance for the BTCUSDT trading pair, underscoring the magnitude of the market turmoil.

As Bitcoin’s price retracement continues to captivate market participants, the coming days are poised to witness heightened volatility.

Traders are bracing themselves for further price swings as Bitcoin approaches its all-time highs, with expectations of surpassing the $69,000 mark looming large.

The post More than 164k traders liquidated as Bitcoin (BTC) retracts appeared first on Invezz

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btc bitcoin traders press time retraced 213

Источник: invezz.com

btc bitcoin → Результатов: 126


Long-term Bitcoin holders resume accumulation, adding almost 70,000 BTC post-downturn

Quick Take Glassnode data suggests that long-term holders who have held Bitcoin (BTC) for over 155 days are actively accumulating after offloading around 1 million BTC since late 2023. This cohort, known for selling into profits when Bitcoin reaches new all-time highs, has increased its holdings by approximately 70,000 BTC from the cycle bottom.

2024-5-14 13:40


Dogecoin (DOGE), Arbdoge AI (AIDOGE), and Others Propel Meme Coin Momentum as Bitcoin (BTC) Surpasses $70,000

As Bitcoin (BTC) has recently surpassed the $70,000 mark, the meme coin sector has been reaping the benefits of trader profit distribution. Despite the polarizing opinions surrounding the existence of memecoins within the cryptocurrency space, this sector has been outperforming other competing altcoin groups over the past week.

2024-4-11 11:30


Bitcoin (BTC) Bulls Converge on Kelexo (KLXO) Crypto Lending: Shiba Inu (SHIB) and Litecoin (LTC) Enthusiasts Predict a 40X Surge

The recent surge in Bitcoin (BTC) to a new all-time high has captured the attention of investors and enthusiasts alike, drawing significant interest in the cryptocurrency market. Amidst the backdrop of Bitcoin (BTC) record-breaking performance, other cryptocurrencies such as Shiba Inu (SHIB) and Litecoin (LTC) are also witnessing heightened activity and community support.

2024-3-14 21:00


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