Bitcoin experienced another flash crash, resulting in a massive $1.52 billion cascade of crypto liquidations. The crash, which occurred within the past 24 hours, saw long positions making up the majority of the liquidations, with $1.39 billion wiped out across the market.
According to Coinglass data, the liquidations were largely driven by over-leveraged positions, weak sentiment, and cascading stop-loss orders. Binance accounted for the largest share of liquidations, with $417.65 million in total liquidations over the past four hours.
The flash crash also had a significant impact on altcoins, with Ethereum, Dogecoin, Solana, XRP, and Cardano all experiencing substantial liquidations. The crypto Fear and Greed Index remains in Extreme Greed territory at 78, despite the massive liquidations and intense volatility.
The rapid sell-off was fueled by a combination of factors, including over-leveraged positions, weak sentiment, and cascading stop-loss orders. The most significant single liquidation event occurred on Binance’s ETHUSDT trading pair, totaling $19.69 million.
As the crypto market continues to experience intense volatility, investors are advised to exercise caution and carefully manage their positions to avoid significant losses.
What is Bitcoin?
Bitcoin is an innovative payment network and a new kind of money. Read more about Bitcoin at Bitcoin.org
Be the first to comment