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$300M liquidated in Bitcoin’s descent below $29k

20.04.2023
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Bitcoin (BTC) dropped below two psychological price barriers — $30,000 and $29,000 — in the last 24 hours to liquidate $66.14 million long positions held on the asset, according to Coinglass data.

Bitcoin liquidation
Source: Coinglass

Across the broader crypto market, the total liquidations were $300.10 million over the last 24 hours, according to Coinglass data. The sell-off wiped off traders who took long positions on the market.

Most of the liquidations occurred on OKX, Binance, and ByBit. The three exchanges accounted for over 80% of the overall liquidations — of which 89% were long positions. Other exchanges like Huobi, CoinEx, and Bitmex also recorded a sizeable amount of the total liquidations.

According to Coinglass, 88,379 traders were liquidated — the most significant liquidation being a $3.92 million LTC-USDT long position on Binance.

Other liquidated assets include Ethereum (ETH) and Litecoin (LTC) — with $69.09 million and $12,20 million, respectively. Others like Dogecoin (DOGE) saw 12.49 million in liquidation, while Solana (SOL), Arbitrum (ARB), and XRP recorded less than $10 million each.

Bitcoin drops below $29,000

In the last 24 hours, the flagship digital asset fell to $28,953 at the time of writing, according to CryptoSlate data.

Bitcoin had a positive net flow of $28.3 million during the period. Glassnode data showed that while $775.6 million BTC was sent to crypto exchanges over the reporting period, investors withdrew $747.3 million as the bears took over the market.

Crypto analyst Maartun pointed out several headwinds in front of the industry that could pull it into a bear market. The analyst noted that a bunch of 7-10-year coins moved on-chain, which historically is not an excellent sign for the market.

The post $300M liquidated in Bitcoin’s descent below $29k appeared first on CryptoSlate.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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