The cryptocurrency market faces yet another correction right after short-term recovery
With the aggravating correction on the cryptocurrency market and a global risk-off on the financial market, risky assets like Bitcoin, Ethereum and others are facing funds outflows that create additional selling pressure, with $460 million longs liquidated in the last 24 hours, according to Coinglass.
As the market tracker reports, more than $460 million worth of opened positions on the various centralized exchanges were closed forcibly as the market faced the strong selling pressure that sent Bitcoin below $35,000—a price that the market saw last time back at the end of January.
First place in terms of liquidated volume is Bitcoin, with $146 million worth of orders wiped from the market. Second place in liquidated volume is Ethereum, with $122 million worth of orders liquidated in the last 24 hours.
The biggest liquidation volume provider on the market is OKEx exchange, with $155 million worth of orders liquidated. Unsurprisingly, the majority of liquidation volume comes from long orders—most likely opened during Bitcoin’s recovery above $40,000.
The massive sell-off on the crypto market was a reaction to the strong correction on emerging markets, with various market indexes like IMOEX losing up to 40% of their value in the last 24 hours.
At press time, Bitcoin trades at $35,494 and is still managing to trade above the local bottom support line. The selling pressure on the crypto market also affected altcoins, which are currently trading with an average 10% discount across the market.