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Our analysis of the situation
Bitcoin's latest erratic episode has left countless traders buckled up for the wild ride of a lifetime. The recent flash crash, swooping the price below $69,000, has caused crypto enthusiasts to grasp their seats as tens of thousands found themselves tumbling out of their leveraged positions.
81,000 Traders Find Cryptocurrency Tumble Trouble
The Bitcoin avalanche slammed into support just above $68,800, sending shockwaves through the community and captivating the minds of 81,400 traders who watched in disbelief as their leveraged positions crumbled. In a harrowing 24-hour period, over $223 million of investments was washed away, leaving many high and dry. The largest liquidation was a jaw-dropping $7 million loss in a single trader's portfolio—talk about a heart-stopping rollercoaster ride!
Long Traders Taking a Long Shot
As expected, the majority of the losses were experienced by the long traders, making up a staggering 70.01% of the liquidated positions. It seems the mantra "Go long or go home" took on a whole new meaning as long liquidation volumes soared above $156 million. You've got to hand it to them—they certainly took the phrase "taking a long shot" to heart!
The Tale of the Tape: Crypto Exchange Showdown
In the ring of crypto exchanges, OKX took the lead, accounting for 46.87% of all liquidations—amounting to a hefty $104.61 million. Binance wasn't far behind, coming in at 38.72%, with $86.41 million lost in the crash. Meanwhile, Bybit managed the bronze, with a significant $18.75 million being wiped out.
Bitcoin, Ethereum, and Dogecoin: Liquidation Champions
The heavyweight contenders, Bitcoin and Ethereum, suffered significant blows, with $36.1 million and $28.98 million in liquidation losses, respectively. Surprisingly, meme coins like Dogecoin and PEPE joined the ranks, with $10.4 million and $7.1 million in liquidation volumes—these underdogs weren't barking up the wrong tree after all!
Bulls and Bears Battle It Out
In the world of cryptos, the bulls continue to wage war against resistance at $69,500. The current trading price at $69,450 decries a 1.1% decline in the last day, signaling a fierce battle between the bullish and bearish forces. The adrenaline-packed showdown leaves the traders on the edge of their seats, eagerly awaiting the outcome.
So, as the crypto enthusiasts brace themselves for the next twist in the rollercoaster ride, the age-old truth remains: in the world of cryptocurrencies, volatility is king, and the ride will always be wild.
Disclaimer: The article presents factual information to the best of the writer's knowledge at the time of writing. The content is not intended as financial advice; readers are advised to conduct their own research and consider seeking professional counsel before making any financial decisions.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!