Crypto market lost $80 billion in leveraged flushout
Crypto markets are a sea of red this Monday morning, with Bitcoin down 5% in an hour and altcoins suffering heavy losses. Additionally, the liquidations in the last few hours are in the hundreds of millions.
A crypto market correction is underway as the Asian trading session on Monday morning saw millions of liquidations.
Crypto Leverage Flushout
According to Coinglass, $354 million in crypto was liquidated in the last 12 hours. Most were long positions with roughly $313 million in liquidity.
In addition, the total amount in the last 24 hours was slightly more than 400 million dollars, and 117,770 traders were canceled, according to Konglas.
Bitcoin's price is down 4.4% on the day, with the asset falling to $41,926 at the time of writing. BTC fell 5% in less than two hours, hitting $41,783 from an intraday high of $44,000.
The asset appears to have found support at current levels as the “Barth Chart” formation forms. The next leg will take BTC prices to $39,500.
Read More: 10 Best Cryptocurrencies to Invest in December 2023
Crypto trader “Ramen Panda”, “I have told you many times about Flash dumps. Now the garbage is complete.
“Bitcoin will take a long time of chops to continue moving up,” he added, before predicting that altcoins will now start to move.
Others have pointed out that this is just a trickle of use. “This was a 100% planned and orchestrated move to eliminate high profile gamblers,” said crypto trader “ImNotTheWolf”.
What's more, there's a busy week ahead on the US economic calendar. Fed meetings and inflation data will result in the most market volatility we can expect to see this week.
No Altseason yet.
Altcoins are taking heavy losses as usual. Total market capitalization has plunged about $80 billion, or about 4 percent, in the past few hours.
Ethereum is down 5% on the day at $2,238 at the time of writing. Other altcoins, however, are experiencing heavy losses.
XRP fell 7% on the day, falling to $0.621, Solana (SOL) was down 5.7% at $68.90.
Moreover, Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), and Litecoin lost more than 6 percent.
Few altcoins are bucking the trend, but among them Avalanche (AVAX), Immutable (IMX) and Injective (INJ) are making gains today.
Read more: 9 Best AI Crypto Trading Bots to Maximize Your Profits
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