Market Downturn and Liquidations
The cryptocurrency market experienced a sharp decline in the last hour. Experts attribute this sudden drop to long position liquidations. A slight correction resulting from high leverage accumulation triggered chain liquidations.
According to the data, a total of $208.33 million worth of positions were liquidated in the last hour alone, with $152.65 million coming from long positions and $55.68 million from short positions.
Impact on Major Cryptocurrencies
The broader market declined, with Bitcoin (BTC) dropping 1.28% in the last hour to $112,864. Ethereum (ETH) similarly lost 2.38% to $3,983. Both assets saw heavy liquidations, with $71.59 million in ETH and $41.18 million in BTC liquidated.
Altcoin Market Activity
Significant activity was also observed in the altcoin market. Solana (SOL) fell 2.14% in the last hour, falling to $193. Liquidation on SOL totaled $35.21 million. Additionally, low-volatility but high-volatility tokens like PUMP and FARTCOIN saw liquidations totaling $7.49 million and $6.56 million, respectively.
24-Hour Liquidation Overview
Total liquidation in the last 24 hours reached $552.27 million. Of this, $395.29 million consisted of long positions and $156.98 million consisted of short positions. These figures once again demonstrate the high risk inherent in leveraged transactions in the market.