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Crypto Market Sees Red With $350M in Liquidations Over 12 Hours

2 mins
Updated by Ryan James
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In Brief

  • Crypto markets experienced a correction with $354M in liquidations over 12 hours, primarily in long positions.
  • Bitcoin prices fell by 4.4% to $41,926, with possibility of a further drop to $39,500 amid market volatility.
  • Altcoins are facing heavier losses, with Ethereum down 5% and others like XRP, Solana, and Cardano losing more than 6%.
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Crypto markets are a sea of red this Monday morning, with Bitcoin slumping 5% in an hour or so and altcoins taking heavy losses. Furthermore, liquidations are in the hundreds of millions over the past few hours. 

The crypto market correction is underway as millions in liquidations occurred during the Monday morning Asian trading session.

Crypto Leverage Flushout

There has been $354 million in crypto liquidations over the past 12 hours according to Coinglass. The vast majority were long positions with around $313 million in liquidations.

Furthermore, the total over the past 24 hours is a little over $400 million in liquidations, with 117,770 traders liquidated, as reported by Coinglass. 

Crytpo liquidations. Source: Coinglass

Bitcoin prices are down 4.4% daily, with the asset falling to $41,926 at the time of writing. BTC slumped almost 5% in less than two hours, hitting an intraday low of $41,783 from an intraday high of $44,000.

The asset appears to have found support at current levels as a seldom-seen “Bart chart” formation forms. The next leg down would take BTC prices to $39,500. 

Read more: Top 10 Cryptocurrencies to Invest in December 2023

Crypto trader “RamenPanda” said, “I told you about flash dumps repeatedly. Now dump is completed.” 

“It will take a long period of chops for Bitcoin to resume uptrend,” he added before predicting that altcoins would start moving now. 

Others have suggested that this was just a leverage flushout. “This was 100% planned and orchestrated move to liquidate high-leveraged gamblers,” said crypto trader “ImNotTheWolf.” 

Moreover, there is a busy week ahead on the US economic calendar. Fed meetings and inflation data usually result in higher market volatility which we could already see this week. 

No Altseason Yet 

Altcoins are taking heavier losses as usual. Total market capitalization has shed around $80 billion or 4% over the past few hours. 

Ethereum is down 5% on the day at $2,238 at the time of writing. Other altcoins are suffering heavier losses, however.

XRP has dropped 7% on the day, falling to $0.621 while Solana (SOL) is down 5.7% at $68.90. 

Moreover, Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), and Litecoin have all lost more than 6%. 

Very few altcoins are bucking the trend, but among them are Avalanche (AVAX), Immutable (IMX), and Injective (INJ) making gains today. 

Top crypto platforms in the US | February 2024

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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.   Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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