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After a week-long rally that pushed Bitcoin (BTC) above $23,000 in value, the cryptocurrency market experienced a significant drop in the last 12 hours, with $183.99 million liquidated, according to Coinglass data. it was done.
The total liquidation volume over the last 24 hours was $223.43 million at the time of writing. According to Coinglass data, 90.29% of these liquidations occurred on traders who took their positions long in the market.
During this period, 63,210 traders were liquidated. The most significant liquidation is his $4.64 million long position in BTC.
Bitcoin Drops Below $23,000 As Investors Gain Profits
Short-term BTC investors appear to be profiting after a dramatic increase in the number of coins held by the cohort.
glass node Said This group’s profit supply reaching 92% was last seen in May 2021 and was seen in November 2021 when BTC traded at an all-time high.
“Given this significant spike in profitability, the potential for selling pressure from short-term holders could rise accordingly.”
Glassnode further pointed out that the cohort’s spending has outpaced its long-term downward trend due to the surge in profitability.
Top 10 assets lose 5% on average
Aside from stablecoins, other digital assets on the top 10 cryptocurrency list have posted average losses of 5% over the past 24 hours. crypto slate data.
Ethereum (ETH) fell 5.20% to $1,552 and BNB fell 5.14% to $302 during the reporting period. Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) dropped 6.88%, 6.53% and 5.40% respectively.
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