Prepare to hold onto your hats, folks, because the crypto market is experiencing a wild ride! In just 24 hours, a jaw-dropping $1 billion has been liquidated, sending shockwaves through the world of digital assets like Bitcoin and Ethereum.
A staggering 298,239 traders have been caught in the crossfire, with a massive total liquidation value of $935.43 million. It’s a rollercoaster of emotions for investors, but one thing’s for sure – the crypto market is not for the faint of heart.
Breaking records in the world of cryptocurrency, a staggering $7.19 million was lost in a single liquidation order for the OKX ETH-USD-SWAP. This dramatic event left many traders reeling as their bullish bets were swiftly wiped out by the unexpected market plunge.
These high-risk investments, known as “longs,” allow investors to speculate on the rise in value of digital assets. However, for one unlucky trader, their gamble ended in a forced closure of their position as their long was liquidated.
As tensions rose in traditional markets due to unpredictable global events, the cautious mindset spilled over into the world of digital assets on Friday. This resulted in a slight decrease in interest for cryptocurrency assets.
Bitcoin’s Price action
Bitcoin’s wild ride continues as it plunges during U.S. trading, dropping below $66,000 after flirting with the $71,000 milestone just hours ago. The cryptocurrency’s volatility is on full display as it tumbles over 5% in the past day, only to bounce back to $66,700 at the time of this writing.
The thrilling world of cryptocurrency has been rocked with a sharp drop in the price of Bitcoin! After reaching record-breaking heights of $73,737 in March, the latest trading data reveals that it has plummeted by over 2.5% in a single day, settling at just under $67,000.
Bitcoin (BTC) has been playing a game of cat and mouse, teasing investors with its rangebound price for the past few weeks. But beware, this could lead to a nail-biting liquidation on both sides as we wait for a clear direction. While the future looks bright for Bitcoin, the current market fluctuations may cause a temporary decline before the highly anticipated halving event.
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Sell-offs in Altcoins
The crypto market is in a frenzy as Ethereum’s value takes a sharp 5% dip, currently sitting at $3,215. As for Solana, the fifth-largest cryptocurrency, it has taken a significant 12% plunge, leaving investors in shock. And even the rising star, Dogwifhat, has not been spared, losing at least 5% of its worth despite its recent surge in popularity.
As the markets were thrown into turmoil, investors scrambled to find a safe haven. The shining star of this chaos was gold, which skyrocketed past $2,400, breaking its own record. But even as gold stole the spotlight, oil managed to sneak in a 1% gain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.