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Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
crypto

Crypto Market Cap Shrinks By 6%, With Liquidations Surpassing $550 Million

Ash Tiwari
by Ash Tiwari
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto market cap is down by 6%, with more than half a billion crypto bets liquidated amid flaring geopolitical tensions in the Middle East.

Tensions In The Middle East Rattle The Crypto Market

The total crypto market cap has dropped by 6%, sliding to $2.24 trillion at press time, as geopolitical tensions between Iran and Israel escalate. Yesterday, Iran launched ballistic missiles at key Israeli locations, causing the market to remain volatile as Israel vowed to retaliate in the coming days.

Related Reading: Bitcoin Data Suggests Strong Upside Potential As BTC Delivers $264M In Average Net Profit

According to data from CoinGlass, more than $556 million worth of futures contracts were liquidated in the past 24 hours. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) saw liquidations worth over $143 million, $119 million, and $20 million, respectively.

crypto liqs
Source: CoinGlass.com

Of the $556 million worth of futures contracts liquidated, 86.6% – or $482.2 million – were long positions, while the remaining 13.4% – or $74.6 million – were shorts. In total, 167,802 traders were liquidated in the past 24 hours, with the single largest liquidation order on Binance’s BTCUSDT pair worth $12.6 million.

Binance accounted for 49.1% of the total liquidations, with $273.4 million liquidated on the platform. It was followed by OKX, Bybit, and HTX, which saw liquidations totaling $182.6 million, $43.3 million, and $40.2 million, respectively.

exchanges
Source: CoinGlass.com

For the uninitiated, crypto liquidations occur when a trader’s position is automatically closed by an exchange because they don’t have enough funds to cover potential losses or margin requirements. 

Liquidations usually happen in leveraged trading, where traders borrow money to increase their position size. The exchange liquidates its assets if the market moves against them beyond a certain point to prevent further losses.

Large liquidations – as were observed in the past 24 hours – indicate high volatility in the market, often triggered by sudden price drops or spikes. They can suggest that many traders with leveraged positions were caught off guard by these volatile movements, leading to forced selling or buying. This can further amplify market instability as liquidations create cascading effects on prices.

It is worth highlighting that the majority – ranging from 83% to 99% – of these liquidations were long positions, indicating that traders expected asset prices to continue upward into October. Historically, October has been one of the most bullish months for BTC.

Bullish Sentiment Remains In The Market

With the recent drop in digital asset prices, October has not had the start the bulls hoped for. Since 2013, October has given negative returns on BTC only twice, making it a historically bullish month for digital assets.

Related Reading: Bitcoin Price Could Surge Following Chinese Economic Stimulus: Here’s Why

Several crypto analysts maintain a bullish outlook for October and Q4 2024. For instance, a recent report by 10x Research noted that there are “exceptionally high” chances of a crypto rally before the end of the year.

Similarly, a report by Bernstein posits that a victory for Republican presidential candidate Donald Trump in the November US presidential elections could propel Bitcoin to as high as $90,000 in Q4 2024. BTC trades at $61,448 at press time, down 2.5% in the past 24 hours.

bitcoin
Bitcoin trades at $61,448 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from CoinGlass.com and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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