Cryptocurrency liquidation recorded a massive outbreak and the market consolidated with mixed signals.
According to data provided by Coinglass, total crypto liquidations increased by 43% in the past 24 hours to $534 million. Over $352 million in long positions and over $181 million in short positions were wiped out of the market.
Source: Coin Glass
The total number of liquidated traders exceeded 200,000.
XRP (XRP) is leading with $69 million ($36 million long, $33 million short) in 24-hour settlements. The asset has risen 400% in the past 30 days, reaching a local high of $2.85.
Bitcoin (BTC) price fell below $96,000 early Monday, with $60 million liquidated ($40 million long, $20 million short). The single largest liquidation order occurred on Binance and was a BTC/USD perpetual contract worth $2.1 million, according to Coinglass data.
Small-cap altcoins record around $108 million in liquidations as Bitcoin price drop causes FUD (Fear, Doubt, Uncertainty) among market participants, causing short-term decline did.
Binance recorded $222 million in daily liquidations, with 63% of them led by longs. OKX and Bybit cryptocurrency exchanges also recorded huge liquidation proceeds of $134 million and $124 million, respectively.
According to CoinGecko data, the increase in liquidations occurred while the crypto market remained flat around the $3.66 trillion zone. Remarkably, investors have purchased over $1.2 trillion in cryptocurrencies over the past month.
Additionally, daily cryptocurrency trading volume increased by 38% to $375 billion.
At the moment, Bitcoin and altcoins are seeing mixed signals as the market wanders in a greedy and highly volatile situation. Bitcoin price movements have proven to have an impact on the broader ecosystem, with investors focusing on the flagship cryptocurrency's $100,000 price range.
Disclosure: This article does not represent investment advice. The content and materials published on this page are for educational purposes only.
