Logo
Cardano Ecosystem

Cryptoslate

01/25/2023

·

383 views


Crypto market liquidation tops $200M in 24 hours

Crypto market liquidation tops $200M in 24 hours 29 seconds ago · 1 min read Short-term Bitcoin investors appear to be taking profit after the cohort saw a dramatic increase in the number of their...

Crypto market liquidation tops $200M in 24 hours

Crypto market liquidation tops $200M in 24 hours Crypto market liquidation tops $200M in 24 hours 29 seconds ago · 1 min read

Short-term Bitcoin investors appear to be taking profit after the cohort saw a dramatic increase in the number of their coins held in profit.

1 min read

Updated: January 25, 2023 at 7:16 am

Crypto market liquidation tops $200M in 24 hours

Cover art/illustration via CryptoSlate

After a weeklong rally that pushed Bitcoin (BTC) value above $23,000, the crypto market experienced a significant sell-off in the last 12 hours that liquidated $183.99 million, according to Coinglass data.

Total liquidations over the last 24 hours stood at $223.43 million as of press time. Of these liquidations, 90.29% occurred on traders who took long positions on the market, according to Coinglass data.

During this period, 63,210 traders were liquidated — the most significant liquidation being a $4.64 million long position on BTC.

Bitcoin tumbles below $23k as investors take profit

Short-term BTC investors appear to be taking profit after the cohort saw a dramatic increase in the number of their coins held in profit.

Bitcoin profit
Source: Glassnode

Glassnode said that this group’s supply in profit reached 92% — last seen in May 2021 and when BTC traded at its all-time high in November 2021.

“Given this substantial spike in profitability, the probability of sell pressure sourced from short-term holders is likely to grow accordingly.”

Glassnode further pointed out that the profitability spike has driven the cohort’s spending volume above the long-term declining trend.

Top 10 assets average a 5% loss

Except for stablecoins, other digital assets on the top 10 crypto assets list posted an average of a 5% loss in the last 24 hours, according to CryptoSlate data.

During the reporting period, Ethereum (ETH) fell 5.20% to $1,552, while BNB declined 5.14% to $302. Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) plunged by 6.88%, 6.53 and 5.40%, respectively.

AD

Delegate Your Voting Power to FEED DRep in Cardano Governance.

DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!


Read Original Article on Cryptoslate

ORIGINAL SOURCE

https://cryptoslate.com/crypto-market-li...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


More from Cryptoslate

See more
Bloomberg analyst says altcoin ETF approvals unlikely to trigger a traditional alt season
Cryptoslate
Bloomberg analyst says altcoin ETF approvals unlikely to trigger a traditional alt season

last Thursday at 8:30 PM

·

9 views

Related News

See more

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)