Crypto market liquidation tops $200M in 24 hours Crypto market liquidation tops $200M in 24 hours
Short-term Bitcoin investors appear to be taking profit after the cohort saw a dramatic increase in the number of their coins held in profit.
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Updated: Jan. 25, 2023 at 7:16 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
After a weeklong rally that pushed Bitcoin (BTC) value above $23,000, the crypto market experienced a significant sell-off in the last 12 hours that liquidated $183.99 million, according to Coinglass data.
Total liquidations over the last 24 hours stood at $223.43 million as of press time. Of these liquidations, 90.29% occurred on traders who took long positions on the market, according to Coinglass data.
During this period, 63,210 traders were liquidated — the most significant liquidation being a $4.64 million long position on BTC.
Bitcoin tumbles below $23k as investors take profit
Short-term BTC investors appear to be taking profit after the cohort saw a dramatic increase in the number of their coins held in profit.
Glassnode said that this group’s supply in profit reached 92% — last seen in May 2021 and when BTC traded at its all-time high in November 2021.
“Given this substantial spike in profitability, the probability of sell pressure sourced from short-term holders is likely to grow accordingly.”
Glassnode further pointed out that the profitability spike has driven the cohort’s spending volume above the long-term declining trend.
Top 10 assets average a 5% loss
Except for stablecoins, other digital assets on the top 10 crypto assets list posted an average of a 5% loss in the last 24 hours, according to CryptoSlate data.
During the reporting period, Ethereum (ETH) fell 5.20% to $1,552, while BNB declined 5.14% to $302. Cardano (ADA), Solana (SOL), and Dogecoin (DOGE) plunged by 6.88%, 6.53 and 5.40%, respectively.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,471.66
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano
$0.94834
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Dogecoin
$0.32659
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Solana
$194.663
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
