Bitcoin and altcoins started the new week with a sharp fall, causing concern among investors. The decline in Bitcoin can be attributed to several factors, including large sales by Bitcoin miners and the German government’s transfer of a significant amount of BTC to exchanges. Additionally, the overall negative sentiment in the market has contributed to the downward trend.
The impact of Bitcoin’s decline has also been felt by altcoins, with Ethereum (ETH) falling to $3,350. Other major altcoins such as BNB, Solana (SOL), XRP, Toncoin (TON), Dogecoin (DOGE), and Cardano (ADA) have also experienced significant decreases. Some altcoins, including WIF, LayerZero (ZRO), and PENDLE, have seen double-digit declines.
In this challenging market environment, investors with long positions have suffered losses and have been forced to liquidate their positions. According to CoinGlass data, $162.9 million has been liquidated in crypto futures within the last 24 hours, with the majority ($154 million) comprising of long positions. Only $8.8 million was made up of short positions.
The liquidation of 69,396 investors within the last 24 hours highlights the extent of the market downturn. The largest liquidation took place in the XBTUSD (Bitcoin) transaction on the BitMEX exchange, resulting in $48.8 million in Bitcoin liquidated and $29 million in Ethereum.
Given the volatility and uncertainties in the crypto market, it’s essential for investors to exercise caution and conduct thorough research before making any investment decisions. This information should not be considered as investment advice.