The recent volatility in the cryptocurrency market has left investors reeling after a sharp decline wiped out most of the gains from the previous upside rally. According to on-chain analytics firm CoinGlass, a staggering 222,235 traders were liquidated, resulting in a total loss of $801.30 million worth of cryptocurrencies.
CoinGlass data also highlighted that the largest single liquidation order occurred on BitMEX, further underscoring the extent of the market turmoil. The majority of these liquidations came from long positions, with over $665 million worth of long positions being liquidated in the past 24 hours.
The market downturn saw major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) plummet by over 9%, 15%, 18%, and 20% respectively. This significant drop in value underscored the widespread impact of the market correction on top assets.
In the wake of the market turmoil, Bitcoin (BTC) is currently trading near $85,410, following a 9% price drop. The sharp decline in price has also led to a 30% surge in trading volume, indicating increased activity and participation from traders and investors.
Overall, the recent market downturn has caused a wave of fear and uncertainty among investors, with many looking to navigate the volatile market conditions strategically. As the cryptocurrency market continues to experience fluctuations, it is crucial for investors to stay informed and exercise caution when making trading decisions.