Bitcoin lost 10% of its value throughout the last 24 hours.
After Bitcoin, Binance Coin, and Ethereum have dropped dramatically, the crypto market saw a major dip. The whole market cap of digital assets has lost 10% value. The market cap of the crypto market has dropped to almost $2.6 trillion from $2.9 trillion in the last 24 hours. Although there is a major decline, the digital currency market cap is still higher by nearly 250% since the beginning of this year.
Because of the recent market correction of $300 billion, there are significant liquidations. Based on the data of Coinglass, a cryptocurrency futures trading & information platform, there is $510 million worth of liquidation of long crypto trading positions within the last 24 hours. Bitcoin alone liquidated for $190 million worth of long trading positions.
“The dip down to $60.6k is the lowest Bitcoin has been valued in nine days. The -7% slide in the past 24 hours has been met with rising interest from traders to buy the dip. Typically, a bit of crowd fear will be necessary to have prices fully rebound,” Santiment commented on the latest crypto dip.
Although the long-term growth of digital assets like Bitcoin and Ethereum is still very likely due to the improvements in on-chain data, the short-term market correction has caused panic. According to Coinglass, over 152,000 crypto trading positions have been liquidated in the last 24 hours. The biggest liquidation order is a total value of $8.46 million that occurred on Bitmex.
While Bitcoin achieved to stay above $60,000, Etherium achieved to stay $4,200. “The market is currently consolidating, having held onto the majority of the gains and finding support at this new altitude. This week also saw the activation of the Bitcoin Taproot upgrade, a remarkable achievement for the network, contributors, and BTC holders,” Glassnode highlighted in its report.
See also: Coinbase Crypto Trading Volumes Declined 29% for Q3