Cryptocurrency Market Sees Turbulent 24 Hours
Liquidations Reach Staggering $588 Million
The past 24 hours have been nothing short of chaotic for the cryptocurrency market, with a staggering $588 million in liquidations. XRP led the pack, accounting for over $69 million in liquidations, followed closely by Bitcoin and Ethereum, which saw $60 million and $57.94 million, respectively.
XRP’s Volatility Takes Center Stage
XRP’s price surged to a seven-year high of $2.82 before correcting sharply to $2.56, resulting in many traders losing their positions. This dramatic price movement was a key driver of the market’s fluctuations, with over $90 million in XRP-related positions being liquidated within a single day. Long and short positions were almost evenly split, with $44 million and $46 million wiped out, respectively.
Major Exchanges Feel the Impact
Binance dominated the liquidation scene, with a whopping $222 million wiped out, 63% of which came from long positions. OKX and Bybit followed closely behind, with $134 million and $124 million in liquidations, respectively. Small-cap altcoins, such as Hedera and Solana, also contributed to the total, with over $108 million in liquidations from these assets.
Bitcoin and Ethereum Struggle
Bitcoin’s drop below the $96,000 mark caused around $81 million in liquidations, while Ethereum experienced $49 million in losses. Dogecoin, usually less volatile than other cryptocurrencies, saw nearly $22.5 million in liquidations. The market dips appeared to be partially triggered by news of South Korean President Yoon Suk Yeol declaring martial law following a political dispute.
Political Unrest Adds to Uncertainty
The political unrest had an amplified effect on the market, especially on South Korean exchanges like Upbit, where price drops were more severe. This, combined with concerns about government actions, has added to the uncertainty surrounding the market. Bitcoin’s failure to break the $100,000 threshold has frustrated investors, and there are growing concerns that the U.S. government may sell off some of its Bitcoin holdings.
Expert Insights
Some experts, including Jason Lowery, argue that selling the government’s Bitcoin would be a significant strategic error. As the market remains in flux with mixed signals and little clear direction, investors are left wondering what’s next for cryptocurrencies. One thing is certain – the past 24 hours have been a wild ride for the cryptocurrency market.
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