- Over $600M has been wiped out of the crypto market in 24 hours.
- The liquidations come as BTC plunges below $55K levels.
- The entire crypto market is red today, with the total market cap down by nearly 9%.
The total liquidations across the cryptocurrency market have surpassed $600 million in the last 24 hours amid a drastic price drop that has pushed Bitcoin to a four-month low.
Data from CoinGlass shows that $590M in long positions has been wiped out. Bitcoin long traders have been among the worst hit, with $185M being liquidated.
The ongoing bloodbath across the cryptocurrency market coincides with fears of the defunct Mt.Gox exchange starting distributions. The exchange recently moved $2.7 billion from a cold wallet to reimburse creditors.
Crypto Market Tumbles
In the last 24 hours, the global cryptocurrency market capitalization has dropped by 9%, and it now risks falling below $2 trillion. All top-ten largest cryptos by market cap are trading in the red as selling pressure increases significantly.
Bitcoin is down by over 7% in 24 hours to trade at $54,234 as of 02:45 EST. The last time BTC traded at the current price was in February, as seen on TradingView.
The king of cryptos also has a Relative Strength Index (RSI) level of 19, showing it is in the oversold region. The drastic drop in RSI levels proves sellers are behind in the recent price action.
An earlier report by 10x Research said that as Bitcoin’s price has broken the $60,000 support, a further price drop could be coming. The report stated that the next decline will see BTC clinch the $50,000 level.
A similar price movement can also be seen in Ether (ETH), which has dropped below $3,000. In the last 24 hours, ETH has fallen by 10% to trade at $2,873 at 02:52 a.m. EST. The expected approval of a spot ETH ETF in the coming days has done little to buoy Ether prices.
BNB and Solana (SOL) have also been hit, with the price dropping by 11% and 6% in the last 24 hours, respectively. XRP and Toncoin (TON) are also down by 11% each.
Meme Coins Worst-Hit By Market Meltdown
As the crypto market reels, meme coins have taken the worst beating, with the total meme coin market dropping by 18%.
Dogecoin (DOGE) is among the worst-affected after dropping by 15%. Shiba Inu (SHIB) and PEPE have also plunged by 15% and 16%, respectively. DogWifHat (WIF) and BONK have also lost 11% and 12% of their value, respectively.
As the market continues to bleed and lose value, Santiment notes a “historic level of FUD.” Many traders lean towards selling rather than buying, affecting the price performance. Moreover, the crypto market has recorded the highest ratio of negative comments so far in 2024.
The decline in crypto prices might only be the beginning, with the crypto fear and greed index at 29. This shows a state of fear and that a bearish sentiment is now in play.
