$1.58 Billion Liquidated Across Exchanges as Bitcoin Falls Below $57,800

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In Brief
  • $1.58 Billion Liquidated Across Exchanges

  • Both Bitcoin and Ethereum continue decline

  • Storj passes its $1.22 resistance level

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New data shows $1.58 billion in crypto was liquidated on exchanges by 239,368 traders in the last 24 hours.

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At the time of writing, Bitcoin (BTC) made up most of these liquidations. $12.33 million worth of BTC was liquidated, followed by Ethereum (ETH) at $1.36 million, Theta (THETA) at $939.01 thousand, Ripple (XRP) at $852.08 thousand, and Storj (STORJ) at $694 thousand.  

In addition, four other assets including Filecoin (FIL), Harmony Protocol One Coin (ONE), Alpha Coin (ALPHA), and Ankr (ANKR) made up almost another $700 thousand in liquidated positions. 

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Binance accounted for half of the liquidations at 50%. Bybit and Huyobi accounted for 27% and 16% respectively. 

The biggest single liquidation order happened on the Seychelles-based cryptocurrency exchange, Huobi-BTC, valued at $10.2 million. 

BTC and ETH Returns Down as Coins Liquidated

Bitcoin has been decreasing since, peaking at $61,884. It is currently trading at $55,237, with 24-hour returns down 3.61%. 

Falling below the $57,800 validated it as resistance. The current downturn has resulted in a bearish outlook for the coin reaching new heights since the beginning of the year. 

However, it’s always hard to tell with Bitcoin, and despite the struggle to get back over $58,000, long-term optimism has analysts holding onto hope for another bullish upswing shortly. 

Much like bitcoin Ethereum has been on a downward trajectory since reaching a high of $1,943 on March.13. 

ETH is currently trading at $1,711.25, a 3.79% decline over the last 24 hours. Much like Bitcoin, it’s hard to tell if this will create a continued decline or preceded a bullish bounce.

Storj Passes $1.22 Resistance 

Storj has passed its $1.22 resistance level, reaching $1.33 at the time of writing. This represents a 37.50% increase over the last 24-hours. 

Breaking this barrier is unsurprising as a bullish trend had been spotted in the coin’s recent upward trajectory.

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After working in news and lifestyle journalism, Leila decided to bring her interest in cryptocurrencies and blockchain to her day job. She now runs the Features and Opinions desk at BeinCrypto which fits perfectly with her enthusiasm for crypto's social and political impact.

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