The global cryptocurrency market witnessed a huge selloff, totaling over $100 million in the last 24 hours. The downturn, fueled by a reduced investor risk appetite, has raised concerns and speculation within the crypto community.
Data from CoinGlass reveals a staggering $107.25 million liquidation affecting around 55,000 traders. Ethereum took the lead in individual crypto liquidations with $22.94 million, closely followed by Bitcoin at $20.75 million and Solana at $6.53 million. Notably, the largest single liquidation of $3.20 million occurred on OKX – ETH-USD-SWAP.
Examining crypto exchanges, Binance led with $52.62 million in liquidation, trailed by OKX at $34.19 million and Bybit with $12.06 million. Despite this turmoil, data indicates a 1.81% surge in total BTC Futures open interest over the last 24 hours.
In contrast, BTC Open Interest on the CME exchange fell 1.66% to $4.69 billion or $114.49K BTC. Simultaneously, Bybit observed a 1.05% dip in Bitcoin Open Interest to 76.49K BTC or $3.14 billion.
Market analysts attribute the dip to profit-booking maneuvers. Also, traders are advised to cautiously assess the market conditions ahead of the release of Q4 prelim U.S. GDP Data and PCE inflation data this week. These data points could offer insights into the current state of the U.S. economy, potentially influencing the Federal Reserve’s stance.
Ongoing legal challenges in the crypto space, particularly the SEC’s actions against Binance and Coinbase, contribute to investor concerns. The outcomes of these legal battles, along with macroeconomic factors like the upcoming Fed meeting, are keenly awaited for potential insights into the Federal Reserve’s future moves.
Amid this backdrop, the global crypto market experienced a 3.16% slump to $1.59 trillion, with a 34.50% rise in overall trading volume to $42.49 billion. Major cryptocurrencies, including Bitcoin, Ethereum, Solana, BNB, and XRP, witnessed substantial declines over the past 24 hours.
Bitcoin traded at $40,677.05, down 2.63%, touching a low of $40,364. Ethereum’s price was down 4% to $2,380.04, while BNB slumped 2.03% to $312.66. Solana witnessed a significant 6.29% slump to $87.71, and XRP fell about 4.5% to $0.5294. Cardano, despite recent traction, fell 5.42% to $0.4913.
