Crypto Liquidations Reach $1 Billion As Sentiment Falls To 10-Month Lows

The crypto market has been subject to large liquidation following the price crash. Coming out of the weekend, the market had recorded one of its worst crashes which saw bitcoin fall below the $30,000 territory for the first time this year. With this had come hundreds of millions in short liquidations. However, the bloodbath seems far from over as the market continues to crumble and liquidations have now run over the $1 billion mark. Crypto Traders Getting Rekt After the crash that rocked the market coming out of the weekend, crypto traders had taken a hard hit. However, like always, this is always skewed to one demographic, and long traders had taken the hit with 77.5% of longs making up the majority of the $421 million liquidation figure that had been recorded on Monday. Related Reading | Bitcoin Price Hits Three-Month Low, What’s Driving This? With Tuesday now on the horizon has come even more challenges for traders in the space. While most speculated that bitcoin would not fall to $30,000, it had done just that and even fell briefly to the $29,000 territory before recovering once more. The damage would be done though as more traders would see their positions liquidated in the market. This number has now gone above $1 billion liquidated in the past 24 hours with Bitcoin and Ethereum traders bearing the brunt of it. Once again, long positions continue to dominate the liquidations as bitcoin struggles to find its footing ...