Rumors of a summer slowdown in the cryptocurrency market have materialized into a grim reality. The recent downturn has resulted in substantial losses for many traders engaged in futures trading. A staggering $400 million was wiped out in long positions, leading to the closure of over 165,000 investors’ positions. The decline of Bitcoin and Ethereum has triggered significant losses across various altcoins.
Cryptocurrencies and Liquidation
Recent data from CoinGlass reveals that a total of $440.24 million in positions were liquidated within a 24-hour period. The bulk of these liquidations, amounting to $378.52 million, were attributed to Ethereum. The liquidation process was primarily driven by losses in long positions, totaling over $60 million.
Notable losses were also seen among leading DeFi and cryptocurrency investors, with losses amounting to $68.44 million. Additionally, bears in Ethereum short positions suffered losses of $16.27 million. A single liquidation event resulted in the disappearance of $6.44 million in a USDC pair ETH transaction on the Binance exchange.
CoinGlass data further indicates that the “other” cryptocurrency group ranked second in terms of the largest liquidations, with Bitcoin coming in third place. Bears and bulls in Bitcoin (BTC) incurred losses amounting to $69.83 million.
Current State of Bitcoin
The market experienced a significant shock in overall volume following the downturn 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 trading at $64,800 after a 0.69% drop. The market cap has fallen to $1.27 trillion, while trading volume has surged. BTC’s 24-hour trading volume has spiked by 80%, surpassing $37 billion, signaling a surge in selling activity driven by market apprehension.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be mindful of the high volatility and risks associated with cryptocurrencies and conduct their own research diligently. Stay informed by following our news on Telegram, Facebook, Twitter, and Coinmarketcap.
