Bitcoin post-Christmas dip under $43k triggers marketwide liquidation of $170M Bitcoin post-Christmas dip under $43k triggers marketwide liquidation of $170M
BTC's price showed weakness during the past day despite the prevailing market optimism.
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Updated: Dec. 26, 2023 at 10:20 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The crypto market faced significant liquidations of nearly $170 million post-Christmas, triggered by a slight decline in the values of major cryptocurrencies.
Data from CryptoSlate indicates that the largest cryptocurrency by market capitalization, Bitcoin, declined 1.18% to $42,639, reminiscent of its run in the previous week.
Similarly, Ethereum and other large-cap alternative cryptocurrencies like Tron, Avalanche, XRP, and others recorded slight losses during the reporting period.
Conversely, some digital assets like Binance-backed BNB, high-flying Solana, and ORDI showed strength with gains of 5%, 3%, and 13%, respectively.
Solana’s SOL and ORDI are two of the best-performing digital assets of the current year. These cryptocurrencies have generated much interest and adoption from the crypto community heavily investing in them.
$170M liquidated
Coinglass data shows that these asset price movements liquidated $168 million across all assets from more than 70,000 crypto traders during the past day. Long position holders—traders betting on price increases—lost $92.16 million, while traders with bearish sentiments were liquidated $76 million during the reporting period.
Across assets, speculators on BTC price saw the most losses of about $26 million within the last 24 hours, with long traders losing $12.48 million and short positions losing $13.03 million. Notably, the most significant single liquidation order was a $3.15 million long BTC position held on BitMEX.
Similarly, Ethereum traders faced around $21 million in losses, while Solana traders also lost approximately $24 million, with most losses suffered by long traders.
Traders speculating on ORDI price also experienced losses totaling about $22 million. Long traders of the token faced losses of approximately $7.5 million, while those betting against its price lost $13.83 million.
Meanwhile, crypto traders using the embattled Binance platform accounted for more than 40% of the total losses suffered in the market. The exchange users lost $72.25 million, followed by OKX with $51.65 million.
Additionally, traders on Bybit were liquidated for $22.92 million, while Huobi users incurred a total loss of $17.51 million.
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