As expected, Bitcoin (BTC) led the liquidations with a total of $40.63 million in liquidations recorded overnight. Long traders accounted for $37.95 million of this bogus sum, and short traders about $2.69 million. Ethereum (ETH) ranked as the second most liquidated digital currency with a total of $12.14 million.
The liquidation figure is justified, seeing the price of both Bitcoin and Ethereum plummeting by a mile over the past 24 hours. While BTC is trading at a price of $29,185.25, down by 1.91% to breach the core support level at $30,000, Ethereum has shed as much as 0.84% to $1,854.29 within the same time span.
Surprisingly, the Worldcoin (WLD), which was supported by some of the biggest exchanges, also recorded a mild liquidation of $4.45 million, per CoinGlass data.
Thus far this year, there are a series of made by U.Today, and naturally, the liquidations tend to clear off as market conditions return to being favorable. At the moment, the broader ecosystem appears distracted by the events around Twitter’s rebranding to X, especially as it the future of cryptocurrencies like Dogecoin (DOGE).
The crypto ecosystem has exhibited strong resilience over the past few months; this current setback may be another springboard for new rallies.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
