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Our analysis of the situation
Ladies and gentlemen, fasten your seatbelts and hold on tight, because the crypto rollercoaster has taken another thrilling plunge. Bitcoin aficionados, traders, and digital asset enthusiasts found themselves gasping for breath as the market endured a heart-stopping drop. The question on everyone's minds: What triggered this wild ride of highs and lows in the world of cryptocurrency?
In recent times, the crypto market has resembled a turbulent sea, with Bitcoin and other digital assets grappling to recapture the dizzying heights reached back in March 2024. Last week, Bitcoin swooped down 2.5% from its daily peak of $69,547 to a low of $66,018, causing a staggering $200 million in liquidations of leveraged positions. The downward spiral continued, and on June 17, BTC endured another plunge to $65,890, resulting in the obliteration of a jaw-dropping $96 million from the market in just 24 hours. Oh, the drama!
Long traders bore the brunt of the storm, licked by losses to the tune of $62.14 million, while their short-selling counterparts tumbled a modest $32.91 million. Ethereum, the silver medalist in the crypto arena, suffered the most, with a brutal $21.36 million wiped out, closely followed by Bitcoin's $10.54 million in liquidations.
But hold on tight, folks, the ride doesn't end there. The icing on the cryptocurrency cake comes in the form of Solana, Worldcoin, and yes, our beloved meme coins like PEPE and Dogecoin, all wrestling with a combined $21.31 million in losses.
The plot thickens as we uncover that the central actors in this nail-biting drama are centralized exchanges. The likes of Binance took a severe punch, with a colossal $48.21 million lost, accounting for more than half of the total liquidations. OKX, Bybit, and the recently renamed Huobi Global (now HTX) also found themselves in the ring, grappling with substantial losses of $29.63 million, $8.17 million, and $5.83 million, respectively.
As the month unfolds, centralized exchanges have been the prime stage for these liquidations, with a staggering $400 million being swallowed by the market on June 7. Fast forward to this past week, and we witness a hair-raising $190.97 million evaporated into thin air, all within the confines of these centralized exchanges.
So, dear thrill-seekers and adrenaline junkies of the crypto world, as the rollercoaster of Bitcoin careens along, one can't help but wonder: What breathtaking turn will the market take next? Hold on tight, because in the awe-inspiring world of digital assets, one thing is for certain – the ride never comes to a standstill.
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.
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Please, behave!