Market Turmoil Triggers Over $215M in Liquidations as 100,000 Traders Face Losses
The crypto market has recently experienced a surge in volatility, leading to more than $215 million in liquidations over the past 24 hours.
Bitcoin (BTC), which had been trading at a multi-year low, rebounded by 5% in the last 24 hours, reaching a price of $43,116, according to CoinGecko.
The rally managed to erase the losses incurred over the weekend, with Bitcoin reclaiming its local top from Friday.
The sudden price movement came after Bitcoin had experienced a sharp decline from $44,000 to $40,750 within a 24-hour period starting on December 11.
However, the cryptocurrency managed to regain the $43,000 range in the following week.
This increased volatility is evident in the 30-day and 60-day moving averages, which have shown a doubling of BTC volatility, reaching levels not seen in over four-and-a-half years, as reported by 99bitcoins.
Ethereum (ETH) also witnessed a similar pattern, experiencing a 5% range tumble and subsequent rebound to trade at $2,250.
The cryptocurrency had suffered a 9% crash within 24 hours after testing year-to-date highs near $2,375 on December 11, further highlighting the recent surge in market volatility.
In the midst of this market turmoil, more than 100,000 traders found themselves liquidated, with the total value of their positions exceeding $215 million within the past 24 hours.
Long positions constituted over 51% of the liquidated assets, indicating that a slight majority of traders faced losses due to the downside momentum, according to data from CoinGlass .
Among the liquidated assets, Bitcoin accounted for $70 million, but interestingly, short positions bucked the broader trend, representing nearly two-thirds of the total liquidations.
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