$348.98M liquidated as Bitcoin and Ethereum lead crypto market drop

on Dec 11, 2023
  • The cryptocurrency market has experienced a correction after the splendid rally.
  • At press time, Bitcoin was trading at $42,206.97 while Ethereum traded at $2,247.02.
  • Long positions worth over $309 million have been liquidated in the last 12 hours.

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The crypto market led by Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced an unexpected drop on Sunday night, leaving analysts speculating the reasons behind the shift.

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Notably, the sudden drop comes after a triumphant crypto rally that saw Bitcoin surging above $43,000 and Ethereum surpassing $2,300.

Slight correction after bullish momentum

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Amid a sustained two-week Bull Run, the cryptocurrency market has taken a breather, with Bitcoin and Ethereum witnessing a slight pullback.

At press time, Ethereum had dropped by 4.57% to trade at $2,246 slightly above a low of $2,202 overnight.

Ethereum price chart

Bitcoin on the other hand had dropped by 4.02% to trade at $42,183 slightly above a low of $41,649 overnight.

Bitcoin price chart

According to Coinmarketcap, the global cryptocurrency market cap currently stands at $1.58 trillion, reflecting a 3.28% decrease in the last 24 hours. Despite this dip, the total market volume has increased by 5.20%, reaching $62.92 billion. Markedly, Bitcoin’s dominance has decreased slightly to 52.29%. Meanwhile, the volume of stablecoins dominates the market with $54.85 billion, comprising 87.18% of the total 24-hour volume.

Since there are no major negative incidences that occurred during the weekend, analysts attribute this correction to the market alleviating pressure following the impressive surge in prices. The correction, seen as a natural part of market dynamics, signals a recalibration of positions and profit-taking by investors.

Over $349 million liquidated in 12 hours

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Due to the sudden price drops across the cryptocurrency market in the last 24 hours, traders experienced over $396 million in liquidations according to Coinglass liquidation data.

Notably, the 12-hour timeframe saw a substantial $349.15 million in liquidations, with Bitcoin and Ethereum long positions absorbing the most significant hits—$95.08 million and $74.53 million, respectively.

The bulk of the liquidations, $309.93 million, came from long positions as traders were very bullish on the market prior to the drop.

This data underscores the impact of market fluctuations on trader positions and the potential influence on overall market sentiment.


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