Market Downturn and Liquidations
Selling pressure dominated the cryptocurrency market throughout the day, causing Bitcoin to plummet again in the evening. The price fell below $93,000 for the first time in a significant period, reaching a low of $92,602.
In the last 24 hours, a total of $689.8 million worth of positions were liquidated. Of this amount, $348.7 million were long positions and $341 million were short positions.
The market decline was attributed to a pullback in US stocks and a weakening likelihood of a Federal Reserve interest rate cut in December. This reduction in risk appetite also had a negative impact on the crypto market.
Impact on Leveraged Positions
The recent decline resulted in substantial losses for leveraged positions:
- •Total liquidation in 1 hour: $66.2 million
- •Total 4-hour liquidation: $360.9 million
- •12-hour total liquidation: $439.1 million
- •24-hour total liquidation: $689.8 million
It is evident that both long and short positions experienced significant liquidation, particularly in the last 4 hours.
Altcoin Performance During Decline
The decline rates observed in various altcoins during the last hour were as follows:
- •Ethereum (ETH) – 1.91%
- •XRP (XRP) – 2.23%
- •BNB (BNB) – 0.81%
- •Solana (SOL) – 2.18%
- •Tron (TRX) – 0.51%
- •Dogecoin (DOGE) – 2.43%
- •Cardano (ADA) – 2.17%
