The Bitcoin market is facing rapid liquidations in recent times. We are aware of the fact that the Bitcoin market is a really volatile place to be. In fact, the same holds true for every other cryptocurrency. The entire crypto market is a highly volatile place. However, Bitcoin is facing a really bad time. In the recent past, the Bitcoin market showed signs of flourish. However, at that time, the investors feared a trend reversal and thus the trend faced rejection. At that time Bitcoin had briefly crossed the $25,000 mark.
However, this rejection has resulted in Bitcoin, crumbling down below $24,000. To make things even worse, liquidations increased as soon as the value started dropping. This is really devastating for the traders, as well as for the entire Bitcoin market. In fact, the rapid liquidations have sent more than 100,000 traders out of the market.
If you are interested to know about the recent liquidation volumes in the Bitcoin market, then this article is the perfect stop for you. Keep reading the article to discover more details about the Bitcoin market.
Bitcoin Records Huge Liquidations Volume
In the past week, the liquidation rate in the Bitcoin market has gone up significantly. The rapid liquidations started as soon as Bitcoin stumbled down below the $24,000 mark. In fact, this increased liquidation volume left tens of thousands of traders at the mercy of the market. The positions of all these traders were liquidated. In fact, within a span of just 12 hours, the liquidations had crossed more than $100 million.
However, within just 24 hours, the Bitcoin market recorded more than $280 million in liquidation, affecting around 98.000 traders. In fact, just prior to this catastrophe, the Bitcoiin market experienced a surge, which was partially fuelled by the upcoming Ethereum merger. All these factors had inspired the traders to invest in Bitcoin and now many of them find themselves in utter trouble.
On one hand, when the Bitcoin market is experiencing rapid liquidations, Ethereum is boldly taking lead in matters of recovery and reversals. In fact, it is a strange rarity that Ethereum is leading Bitcoin and many other cryptocurrencies. Ethereum too faced rapid liquidations. However, the largest single liquidation occurred with Bitcoin.
Moreover, Ethereum has also been at the centre of discussion, as the news of its impending merger with Bitcoin was made public. But as of now, Bitcoin investors are facing a really bad nightmare. We can do nothing but hope that the market recovers quick enough.
Also read: Bitcoin Price Prediction