The post Crypto Market Correction Sparks $1.76 Billion Sell-Off in Just 24 Hours appeared first on Coinpedia Fintech News
The cryptocurrency market took a sharp and unexpected dive over the past 24 hours, sending shockwaves through investors and traders alike. A massive $1.76 billion was wiped out as 583,810 traders faced liquidations, marking one of the largest sell-offs since 2021.
This sudden decline came as Bitcoin and altcoins dropped sharply, fueled by a mix of over-leveraged trades, investor fear, and market uncertainty.
Let’s go into further detail.
Bitcoin, the world’s largest cryptocurrency by market cap, was the primary driver of this sell-off. It dropped to an intraday low of $94,129 before partially recovering to $97,000. This price movement led to $189.19 million in liquidations, with $147.95 million coming from long positions and $41.23 million from short positions.
Bitcoin’s fall below key price levels added pressure to the market, amplifying the sell-off.
The sharp market decline wasn’t limited to Bitcoin. Major altcoins like Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) saw price drops ranging from 8% to 13%.
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One of the largest individual liquidation orders occurred in Ethereum’s ETH/USDT trading pair on Binance, with the order valued at $19.69 million. Altcoin liquidations totaled $563.25 million, with $537.43 million coming from long positions.
This shows the market was highly over-leveraged, making it more vulnerable to sudden price movements.
Analysts believe several factors drove the sell-off:
These factors combined to wipe out billions of dollars across the market.
Investor Sentiment Review
Despite the significant sell-off, the Crypto Fear and Greed Index remains at 78, signaling “Extreme Greed.” This suggests that even with the volatility and market downturn, investors still hold optimism about a recovery.
Traders are clearly watching for signs of market stabilization as they try to predict if prices will rebound soon.
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