The crypto market is reeling from a major crash that has sent Bitcoin and other cryptocurrencies plummeting.
Liquidations Soar
In the past 24 hours, over $290 million worth of crypto has been liquidated, with 105,458 traders losing their positions. Long traders, who bet on rising prices, have been hit the hardest, accounting for 88.61% of the liquidations.
Bitcoin’s Rollercoaster
Bitcoin has been the epicenter of the crash, falling below $57,000 before recovering slightly. The largest single liquidation event occurred on the Huobi exchange, where a single trade lost $10.49 million.
Recovery on the Horizon?
As Bitcoin’s price shows signs of recovery, the tide may be turning against short traders, who bet on falling prices. Long liquidations have declined to 56.48% in the past hour, suggesting that bulls may be regaining some ground.
Trading Volume Surges
Despite the market turmoil, Bitcoin’s daily trading volume has jumped 50% to $37.59 billion. Bulls are attempting to establish support at $57,900, which could signal a potential reversal in the downtrend.
Current Status
As of writing, Bitcoin is trading at $57,909, down 3.87% in the past day. It has lost 5.23% over the past week and 15.95% over the past month.
