Bitcoin fell below $29,000, leading to the liquidation of $160 million in the crypto market
Date: 2023-08-18 Author: Karina Ziganova Categories: BLOCKCHAIN
The fall of Bitcoin (BTC) below $29,000 in the first hours of trading resulted in liquidations totaling about $160 million in the cryptocurrency market.
Coinglass data showed that investors holding positions in the flagship asset liquidated $48 million, primarily affecting long traders, who suffered most of the losses.
$160 million liquidated
Over the past 24 hours, the crypto market has seen a significant $158.12 million in liquidation, with 54,608 traders liquidated.
According to data from Coinglass, long traders suffered the most losses, losing about $140 million. Bitcoin and Ethereum (ETH) contributed significantly to this figure, amounting to a combined loss of $62.67 million. On the other hand, short traders recorded losses of less than $20 million.
Across all exchanges, OKX and Binance accounted for more than 60% of total liquidations. During reporting hours, traders on these exchanges lost over $100 million. Other exchanges such as Huobi, Deribit, and Bitmex also recorded a significant portion of the overall liquidation.
The most significant liquidation occurred on Bitmex with an XBTUSD position valued at $2.26 million.
Bitcoin fell to 28 thousand dollars
Earlier today, Bitcoin fell 2% to a multi-week low of $28,428 after trading above $29,000 for an extended period.
Market analyst Willy Wu also shared similar observations in a recent post on X (formerly Twitter). Wu said:
“Macroeconomic headwinds due to the strengthening of the US dollar. Meanwhile, there is growing demand in the futures market (professional traders) and fundamentals on the network are gaining momentum.”
The sharp move in price marks a marked shift from the relatively stable performance seen last month. On August 16, analytics firm Kaiko said that the 90-day volatility of BTC and ETH had fallen to multi-year lows of 35% and 37% each, making them less volatile than oil at 41%.
The top 50 crypto assets, including Ethereum and BNB, suffered losses over the reporting period as the broader market fell 1.83%.
