The bloodbath in the cryptocurrency market is evident, with Ethereum struggling to maintain its position above the $3,300 level. Over the past 24 hours, Uniswap and Maker have seen significant declines of 12% and 9%, respectively, making them the biggest losers among the top 50 coins by market capitalization.<\/p>\n
Bitcoin (BTC) has fallen below $61,000 and seems poised to continue its losses. This has led to a substantial increase in the liquidation of leveraged long positions, totaling over $324 million.<\/p>\n
The majority of these positions, totaling more than $286 million, are longs, while shorts account for $36 million. Of the rekt traders, longs make up the vast majority, with nearly $122 million liquidated within 24 hours, in contrast to about $9.9 million from liquidated short positions.<\/p>\n
Market data indicates that over the past 12 hours, more than $95 million of the liquidated longs have occurred, resulting in the liquidation of over 85,440 traders within the past 24 hours. Notably, the largest single liquidation order up to 12:30 pm ET on June 24 took place on Binance, resulting in a $15.36 million burn on the BTC\/USDT pair.<\/p>\n
The news of over $9 billion in BTC being held by a defunct exchange and earmarked for distribution led to a swift and significant investor reaction. Bitcoin’s price plummeted more than 5% in response, breaching support levels and causing concern about potential sell-off pressure in the market.<\/p>\n
Furthermore, the downward pressure on Bitcoin has been compounded by recent selling activity from a wallet associated with the German government. Earlier this year, German police seized approximately 50,000 BTC, valued at around $2.1 billion at the time.<\/p>\n
The significant price gains of Bitcoin over recent months brought the total value of the seized coins to over $3 billion. In addition to government-related selling, miners have also offloaded a substantial amount of Bitcoin post-halving, with IntoTheBlock data showing approximately 30,000 BTC sold.<\/p>\n","protected":false},"excerpt":{"rendered":"
The bloodbath in the cryptocurrency market is evident, with Ethereum struggling to maintain its position above the $3,300 level. Over the past 24 hours, Uniswap […]<\/p>\n","protected":false},"author":1,"featured_media":2242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts\/2243","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/comments?post=2243"}],"version-history":[{"count":0,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts\/2243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/media\/2242"}],"wp:attachment":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/media?parent=2243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/categories?post=2243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/tags?post=2243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}