Bitcoin Long Liquidations Surpass $30 Million
Bitcoin's recent price correction has led to a surge in long-term liquidations, exceeding $30 million in the past 24 hours. This comes as the largest digital asset struggles to maintain its position above the $62,000 mark, sparking volatility in the cryptocurrency market.
Bitcoin's Price Correction and Long Liquidations:
Bitcoin's price fell over 3% in the past 24 hours, resulting in long liquidations exceeding $30 million. Analysts highlight that the rise in volatility aligns with historical patterns, particularly in the aftermath of halving events, where drawdowns ranging from 5% to 15% are common before sustained upward trajectories.
Marketwide Impact and Liquidation Figures:
The wider cryptocurrency market experienced over $145 million in liquidations within the same period, with approximately $121 million attributed to long positions alone, according to Coinglass data.
Current Market Status:
At the time of writing, Bitcoin is trading around $62,300, while Ether has dipped over 3% to $3,007. The recent bitcoin halving event has triggered a "sell-the-news" phenomenon, leading to a price sell-off of over 11%, as observed by analysts from Glassnode.
Historical Bitcoin Halving Performance:
Analysis from Glassnode's market report suggests that post-halving periods typically exhibit choppy sideways movements, with slight downward drifts ranging from -5% to -15%. Previous halving cycles have seen similar patterns, with fluctuations in price before eventual stabilization.
Market Dominance and Global Market Cap:
Bitcoin dominance increased slightly to 50.9%, while Ethereum dominance fell to 15% over the past day. The global cryptocurrency market cap experienced a 2.3% decrease in the past 24 hours, currently standing at $2.41 trillion, according to The Block's Prices Page.
