Cryptocurrency liquidations saw a massive surge as the market consolidated with mixed signals.
According to data provided by Coinglass, total crypto liquidations increased by 43% in the last 24 hours to $534 million. More than $352 million in long positions and $181 million in short positions were wiped from the market.
The total number of liquidated traders has exceeded the 200,000 mark.
XRP (XRP) leads with $69 million in 24-hour liquidations – $36 million in long positions and $33 million in short positions. The asset hit a local high of $2.85 with a 400% rally over the past 30 days.
Bitcoin (BTC) saw $60 million in liquidations – $40 million in long positions and $20 million in short positions – as its price fell below the $96,000 mark early Monday. The largest liquidation order took place on Binance and was worth $2.1 million in BTC/USD perpetual contract, according to Coinglass data.
Small-cap altcoins saw around $108 million in liquidations as the falling Bitcoin price triggered FUD (fear, doubt and uncertainty) among market participants, triggering a short-term sell-off.
Binance leads with $222 million in daily liquidations, 63% of which are long positions. Crypto exchanges OKX and Bybit also recorded $134 million and $124 million in liquidations, respectively.
The increase in liquidations comes as the crypto market is moving sideways around the $3.66 trillion zone, according to CoinGecko data. Notably, investors have purchased over $1.2 trillion worth of cryptocurrencies over the past month.
Additionally, daily cryptocurrency trading volume increased 38% to $375 billion.
Currently, Bitcoin and altcoins are receiving mixed signals as the market moves in greedy and highly volatile conditions. Bitcoin price movements have proven to impact the broader ecosystem and investors are eyeing the $100,000 price tag for the flagship cryptocurrency.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are intended for educational purposes only.
