As the bloodbath continues, crypto market liquidations are approaching a billion dollars

Over 240,000 people have taken selling positions in the crypto market in just 24 hours, liquidating nearly a billion dollars.

More than $940 Million in Cryptocurrency Has Been Sold

The bitcoin market has seen a lot of liquidation in the last 24 hours. Most of them were triggered by the presence of huge digital assets in the area. Bitcoin, on the other hand, bore the brunt of selling.

Long bets in the market have been liquidated due to the market’s abrupt price shift. As a result, many short positions were impacted, even though most of these liquidations were carried out by long-term investors.

There have been about 253,000 liquidations in the market over the last 24 hours. This amount, though, is projected to rise. Over $596 million in long holdings have been liquidated in the last 24 hours, according to Coinglass data. Shorts received $346.86 million, while the remaining $36.86 million was lost.

Top Cryptocurrencies Suffer Massive Losses

Because of the enormous number of losses suffered by prominent players over the last 24 hours, it’s worth noting that the quantity of digital assets lost by traders is also rising. Bitcoin, for example, has lost almost 16.4 million BTC.

The total amount of money lost for the quarter was roughly $400.38 million. Ethereum, on the other hand, lost 298.96K ETH, or $356.82 million.

The market’s fall has also affected small altcoins hard. For example, the value of Solana has plummeted. As a result, the corporation is in the process of being liquidated. The frequency of long liquidations has increased as digital asset prices continue to fall. The total amount of money lost by traders in the last 24 hours was about $18.59 million.

Some of the most well-known digital assets, such as FLM, which lost over $11.99, ADA, which was at $7.86 million, and TRX, which lost $5.85 million, are among the top losers. In addition, DOGE, AVAX, and LUNA are some of the other famous digital assets that have suffered major losses. These assets collectively lost $5.19 million, $4.44 million, and $4.72 million.

Problems with Inflation

On Friday, the US government announced its inflation projections for 2019, revealing that the consumer price index increased by 8.6%. As a result, the price of bitcoin plummeted to under $25,000 due to the record inflation rate.

The emergence of the cryptocurrency market has entwined it with traditional stock markets. The Nasdaq centered on technology has dropped 3.5 percent in recent months. The Dow Jones Industrial Average and the S&P 500 both fell more than 2%.

Janet Yellen, the chair of the Federal Reserve, warned against investing in cryptocurrencies in retirement plans last week. Unfortunately, her remarks only added to the market’s gloomy mood.

The central banks of Canada, Australia, and the United Kingdom raised interest rates by roughly 50 basis points in reaction to rising prices. The European Central Bank also said it would cease asset purchases and begin hiking interest rates later this year.

New-generation Bitcoin mining rigs are still profitable

Following Bitcoin’s recent slump, the profitability of several types of ASIC processors has dropped into negative territory, according to statistics gathered by F2Pool. The Antminer S11 and the AvalonMiner 921 are two examples.

Even though the price of Bitcoin has dropped, certain mining devices are still profitable. It implies that its owners will be able to weather the market’s downturn. These include the iPollo V1, which earns roughly $62 per day, and Antminer’s S-series machines. Even though the price of Bitcoin is below $25,000, these miners earn between $4.75 and $18 a day.

Some profitable mining rigs, like the Antminer S17+(73T), are on the verge of being shut down. However, as Bitcoin’s price falls below approximately $22,000, it may become unprofitable.

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