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$193M In Crypto Longs Bite The Dust As Bitcoin & Co. Go Volatile

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows a large amount of cryptocurrency longs have found liquidation in the past day after the volatility Bitcoin and others have gone through.

Bitcoin Price Action Has Been A Rollercoaster During The Last 24 Hours

Bitcoin has seen some wild price action during the past day, with its value observing both a low under $62,300 and a high of almost $65,600. The below chart shows how this latest volatility has looked like for the coin.

Bitcoin Price Chart

The price of the crypto seems to have gone down over the last few days | Source: BTCUSD on TradingView

As is visible in the graph, the drop towards the low had come first, making investors think that BTC was continuing its recent bearish trajectory, but not too long after, the asset rebounded to its high.

Related Reading: Bitcoin Mining Difficulty Jumps 10%: What This Means

Though, the number one cryptocurrency couldn’t sustain at its high, either, as it has since retraced to the $64,600 level. This means that the asset has actually overall ended up moving sideways in the last 24 hours.

The rest of the sector hasn’t been so lucky, however, as many altcoins have maintained negative returns in this window. With all this volatility in the assets’ prices, it’s to be expected that the derivatives side would have gone through some chaos.

Crypto Derivatives Has Registered Large Liquidations Over The Past Day

As data from CoinGlass would confirm, the cryptocurrency derivatives market has observed the liquidation of a large amount of contracts in this period. “Liquidation” here naturally refers to the forceful closure any contract undergoes if it amasses losses of a certain percentage.

Below is a table that shows the details related to the latest mass liquidation event in the digital asset sector:

Bitcoin & Crypto Liquidations

Looks like the liquidations have heavily tended towards the long contracts | Source: CoinGlass

In total, the cryptocurrency derivatives market has witnessed the liquidation of contracts worth $256 million over the last 24 hours. Around $193 million of these involved long positions, which is more than 75% of the total.

The liquidations being this lopsided is naturally down to the fact that most of the coins have gone down during this window. Even Bitcoin, which has recovered, did observe a steep drop at first.

Related Reading: Bitcoin Adoption Bounces Back: New Addresses Up 35% Since June Bottom

In terms of the contribution to the event by the individual symbols, Bitcoin and Ethereum have once again topped the charts, with $72 million and $58 million in liquidations, respectively.

Bitcoin & Other Cryptos

The breakdown of the mass liquidation event by symbol | Source: CoinGlass

Solana (SOL) and XRP (XRP) appear to have seen the most speculative interest out of the rest, as they have followed up the top two cryptocurrencies with $18 million and $7 million in liquidations, respectively.

Mass liquidation events like this latest one aren’t exactly a rare sight in the cryptocurrency derivatives sector, due to the fact that prices can show volatility on the regular and extreme amounts of leverage is easily accessible on most platforms. As such, the market can be risky to navigate for the uninformed trader.

Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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