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Crypto market liquidations totaled approximately $680 million in assets following a reversal in the price trend of Bitcoin (BTC) over the past 24-hour period; the cryptocurrency market has experienced a significant shift in pricing dynamics.
BTC, ETH and SOL liquidated after reverse gains
Data from CoinGlass reveals that major cryptocurrencies, including Bitcoin, Ethereum and Solana, have witnessed substantial liquidations as the recent uptick in Bitcoin's price abruptly turned bearish.
Bitcoin (BTC) recorded liquidations totaling $246.66 million, with $195.61 million from long positions and $47.05 million from short positions. The last time liquidation occurred as a result of a price drop, some analysts, including critic Peter Schiff, were optimistic about a rally.
Ethereum (ETH) saw liquidations amounting to $116.07 million, comprising $94.86 million from long positions and $21.21 million from short positions.
A substantial acquisition of 25,674 ETH was recently executed by an Ethereum whale, with a risk of repercussions predicted should the price of ETH dip below a certain threshold, potentially leading to a liquidation event. This, according to analysts, seems to be playing out.
Outlier mode activated by Solana
Solana (SOL) experienced liquidations totaling $38.28 million, with $19.88 million from long positions and $18.39 million from short positions. However, Solana (SOL) stands out as the sole major cryptocurrency among the top 10 by market capitalization to register gains.
Within the last 24 hours, SOL has surged by 6.8%, reaching $177.31, per data from CoinGecko. This trend contrasts sharply with the broader digital currency market, which is witnessing substantial losses, particularly in major coins like Bitcoin and Ethereum.
Even with the market experiencing liquidation due to a price dip, there is potential for stability in the near future, especially considering positive market sentiment leading up to next month's Bitcoin halving event. Moreover, increasing inflows into products like a spot Bitcoin ETF could help mitigate the decline in the short term.