Friday, more than half a billion billion long-term positions were liquidated on the cryptography market while the price of Bitcoin slipped below $ 116,000 in the middle of a broader fall in the market.
According to Coinglass data, $ 585.86 million in long positions have been liquidated, Bitcoin (BTC) representing 140.06 million dollars of this total because it dropped from 2.63% to $ 115,356.
“The dumping ground is a pure lever effect,” explains Trader
Ether (ETH) followed with $ 104.76 million long liquidations, lowering from 1.33% to $ 3,598 over the same period.
Dogecoin (DOGE) led the losses among the best 10 cryptocurrencies by market capitalization, lowering 7% in the last 24 hours to $ 0.22 and annihilating $ 26 million in long positions, according to Nansen.
Crypto Trader Ash Crypto said in an X Post Thursday: “This dumping ground is a pure lever effect.” He explained:
“Many people aspired to alts after seeing Eth pump strong, so that market manufacturers have poured and liquidated long long.”
The sudden slowdown in the market led to the liquidation of 213,729 traders during the period, taking many members in the middle of the recent bullish feeling. Overall, a total of $ 731.93 million was suffered on the market in short and long positions.
The feeling of the cryptography market remains strong
It was on July 14 that Bitcoin reached new heights of all time of $ 123,100, and many have held the expectations of the upward trend.
Despite the decline, the feeling remains optimistic, the crypto fear & greed index displaying a “greed” score of 70 in its Friday update.
This occurs while several participants in the cryptographic industry recently shared forecasts for higher prices on the cryptography market. The CEO of Galaxy Digital, Michael Novogratz, said on Thursday that he planned to reach at least $ 4,000, which is a peak of around 9.8% compared to its current price.
Meanwhile, Bitfinex analysts said in a market report on Wednesday that if the Bitcoin rise trend continued, the next major target will be $ 136,000.
However, traders hide their bets against Bitcoin prices by displaying a rapid reversal. A return to Thursday price of $ 119,500 would give about $ 3.07 billion at risk of liquidation.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
