The recent market volatility has led to significant liquidations in the cryptocurrency trading space. A total of 92,298 traders have observed liquidations amounting to $210.26 million in both long and short positions. Notably, the majority of the liquidated trades (84.7%) were from long positions, indicating a shift in sentiment from bullish to bearish as the market turns red. The current instability in the market can be attributed to Bitcoin’s retreat from its recent high of $67,183 on April 23.
This retreat resulted in a notable correction, leading to a 3.2% decline in BTC’s value by the end of the previous trading session. As a result, the global cryptocurrency market capitalization has experienced a 3.87% decline over the past 24 hours, now standing at $2.47 trillion. This has also led to altcoins entering bearish territory. Bitcoin, as the premier cryptocurrency, has seen the largest amount of liquidated positions among all crypto assets, totaling $44.6 million within the span of 24 hours.
Despite these significant liquidations, the derivatives market has witnessed a surge in volume, with trade volume spiking by 30% in the last 24 hours to reach $159 billion at the reporting time.
