Bitcoin Traders Count Losses As Total Liquidations Approach $300 Million
2023年4月20日 - 1:20PM
NEWSBTC
Bitcoin (BTC) traders have experienced a tough week as the
cryptocurrency dipped below $30,000, causing panic among traders
who shorted Bitcoin in the hope of the asset’s price moving
upwards. According to data provider Coinglass, many traders
are counting their losses, and a record of approximately 87,977
traders have liquidated over the past 24 hours, totaling $291
million and counting. Total Liquidations Approach $300 Million
Binance recorded the largest amount of liquidations, at $49.9
million, among all the tracked crypto exchanges involved in the
liquidations. Other crypto exchanges in the market had a
smaller trader volume, making the lack of surprise understandable.
The data reveals that longs liquidated in the last 24 hours
amounted to approximately $262 million (89.9%) of the total
liquidations. Short liquidations also occurred in the same period,
accounting for almost 10% of the total liquidations in the past 24
hours, with $25.6 million in long liquidations. Despite the bearish
trend in the market, one trader executed the largest single
liquidation in the period, an LTCUSD swap valued at $3.92 million,
on Binance. Bitcoin Slumps Below $30,000 The global crypto market
cap has also slumped below the $1.3 trillion mark with a value of
$1.256 trillion at the time of writing, down by nearly 5% in the
last 24 hours. Bitcoin has lost more than $20 billion to its market
cap in the past week, down by nearly 4%, indicating selling
pressure. Though the top crypto saw a slight uptrend on Tuesday
that pushed its price to still trade as high as $30,359, the asset
has seen a bearish trend since then. However, the cryptocurrency
market is not all doom and gloom as some traders have managed to
turn a profit by trading other cryptocurrencies. The current
bearish trend has highlighted the importance of diversification for
traders who want to minimize losses. It is worth noting that
traders who shorted Bitcoin in the hope of the asset’s price moving
upwards are experiencing significant losses as the cryptocurrency
market slumps. However, as the crypto market continues to
experience volatility, it’s important to note that losses in
trading are not uncommon. Additionally, it’s important to
keep a level head and not panic when faced with losses. The market
is constantly fluctuating and traders should have a long-term
outlook rather than focusing on short-term gains. Despite the
current market being challenging for some traders, the crypto space
continues to evolve. Yesterday, a proposal to make PancakeSwap
(CAKE) scarce to prevent the token from collapsing was
submitted. The latest proposal for CAKE involves implementing
an annual inflation rate of 3% and 5% to transition towards a more
sustainable staking model. The main objective is to ensure low
staking inflation for CAKE, with the real yield coming from
PancakeSwap’s revenue. The proposed structure aims to provide
incentives for long-term CAKE staking. Featured image from iStock,
Chart from TradingView
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