The cryptocurrency market is currently experiencing a period of stabilization following a significant decline on Tuesday, October 22, resulting in the liquidations exhibiting indications of a cooling process
Yesterday, the global crypto market capitalization experienced a $57 billion decline, reaching $2.44 trillion, as per CoinGecko’s data. This comes after the market reached a three-month high of $2.498 trillion the previous day.
The global market cap experienced a 2.5% decline in the past 24 hours, resulting in an additional $7 billion loss.
According to Coinglass data, the total crypto liquidations have decreased by 40% over the past day, reaching $121 million, as the Tuesday selloff subsides. Long positions account for 75% of the liquidations, which total $91 million, due to the market-wide downturn.
Bitcoin is currently the most liquid asset, with $18.5 million in liquidations, consisting of $7.5 million in shorts and $11 million in longs, as the price declined below $67,000. At the time of writing, the price of BTC is $66,800, which represents a one-week low.
Ethereum’s long-short ratio was comparatively high, with $11.2 million of its $14.5 million total liquidations being allocated to long trading positions. Despite the bearish sentiment that surrounds it, ETH continues to float above the $2,600 psychological zone.
The greatest single liquidation order, valued at nearly $690,000 in the Solana/USDT pair, occurred on Binance, the largest crypto exchange by trading volume.
The market-wide sentiment turned adverse, resulting in the first day of outflows for spot BTC exchange-traded funds in the United States, according to a report from crypto.news.
Ark and 21Share’s ARKB fund led the net outflow of $79.1 million from these investment products, which totaled $134.7 million.
Conversely, market uncertainty resulted in a net inflow of $11.9 million into ETH ETFs.
In an announcement on October 23, Vietnam launched its National Blockchain Strategy, establishing ambitious targets to enhance its blockchain capabilities.…
Ahead of the November U.S. election, institutional experts, including Bernstein, have issued bullish Bitcoin projections, highlighting market optimism. As the…
International markets are embracing cryptocurrency ETFs, but Japanese regulators are taking their time approving them. What could be causing them…
Ripple has financed one of the PACs backing John Deaton, while Brad Garlinghouse and other crypto executives have directly contributed…
Contracts for trading on national elections from Australia to Ecuador have been introduced to the US's first election betting market…
Industry executives disagree on the UK's ambiguous crypto laws, while some think MiCA might lead to a move from the…