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Bitcoin post-Christmas dip under $43k triggers marketwide liquidation of $170M

26.12.2023
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The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies.

Data from CryptoSlate indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.

Similarly, Ethereum and other large-cap alternative cryptocurrencies like Tron, Avalanche, XRP, and others recorded slight losses during the reporting period.

Conversely, some digital assets like Binance-backed BNB, high-flying Solana, and ORDI showed strength with gains of 5%, 3%, and 13%, respectively.

Solana’s SOL and ORDI are two of the best-performing digital assets of the current year. These cryptocurrencies have generated much interest and adoption from the crypto community heavily investing in them.

$170M liquidated

Coinglass data shows that these asset price movements liquidated $168 million across all assets from more than 70,000 crypto traders during the past day. Long position holders—traders betting on price increases—lost $92.16 million, while traders with bearish sentiments were liquidated $76 million during the reporting period.

Across assets, speculators on BTC price saw the most losses of about $26 million within the last 24 hours, with long traders losing $12.48 million and short positions losing $13.03 million. Notably, the most significant single liquidation order was a $3.15 million long BTC position held on BitMEX.

Similarly, Ethereum traders faced around $21 million in losses, while Solana traders also lost approximately $24 million, with most losses suffered by long traders.

Traders speculating on ORDI price also experienced losses totaling about $22 million. Long traders of the token faced losses of approximately $7.5 million, while those betting against its price lost $13.83 million.

Meanwhile, crypto traders using the embattled Binance platform accounted for more than 40% of the total losses suffered in the market. The exchange users lost $72.25 million, followed by OKX with $51.65 million.

Additionally, traders on Bybit were liquidated for $22.92 million, while Huobi users incurred a total loss of $17.51 million.

The post Bitcoin post-Christmas dip under $43k triggers marketwide liquidation of $170M 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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