Crypto liquidations drop 80% amid market stabilisation
Crypto liquidations drop 80% amid market stabilisation
Recent data from CoinGlass reveals that total crypto liquidations have plummeted by 80.26%, with total liquidations currently at $42.4 million over the Sunday. This dramatic decline indicates that the broader cryptocurrency market is experiencing fewer large price movements, leading to a more stable trading environment. Long positions account for roughly $23.8 million of the liquidations, while short positions represent $18.5 million.
Ethereum leads the liquidation figures with $9 million, split between $3.5 million in long positions and $5.5 million in short positions. Notcoin follows with $3.9 million in liquidations, while Bitcoin holds the fourth spot at $3.25 million, including $2.44 million in long positions liquidated within the June 16.
Data also highlights that Binance, the largest crypto exchange by trading volume, accounts for nearly half of the liquidations at $20 million. The Seychelles-based exchange OKX follows with $13 million, making up 30.7% of global liquidations.
The global cryptocurrency market capitalization remains around $2.54 trillion, showing signs of consolidation. The prices of Bitcoin and Ethereum have stabilized around $66,200 and $3,500 respectively, with minor fluctuations over the past day. Additionally, total cryptocurrency open interest has seen a marginal increase of 0.2%, reaching $66.3 billion, indicating sustained interest and activity in the market.
According to crypto.news, the significant drop in liquidations suggests a more stable and mature market environment. Reduced volatility can attract more institutional investors, providing further legitimacy to the cryptocurrency market. However, traders and investors should remain vigilant, as market conditions can change rapidly.
The consolidation phase the market is currently experiencing might pave the way for future growth and stability. As the crypto market continues to evolve, stakeholders will need to monitor regulatory developments, technological advancements, and broader economic factors that could influence dynamics.
The current state of the cryptocurrency market, marked by reduced liquidations and consolidation, indicates a period of stability. This could set the stage for further adoption and integration of cryptocurrencies into mainstream finance.
See also: Four crypto exchanges seek reentry into Indian market
