Over the past 24 hours, over $1 billion worth of crypto futures were liquidated as the market decline intensified on Sunday and continued into Monday.
Of the liquidations, over $902 million were long positions and $147 million were short positions.
This collapse was aided by speculation of Jump Trading exiting its crypto operations.
Bitcoin futures saw liquidations of over $350 million, and Ethereum futures saw liquidations of over $340 million.
More than 200,000 traders faced liquidations, with the largest single order worth $27 million on the Huobi exchange for BTC/USD trading. Data revealed that 87% of affected traders had long positions, betting on a price increase.
BTC saw a collapse of over 16% over the past day, falling below $50,000 briefly, while ETH dropped by up to 25% before a minor recovery.
The sharp decline triggered a “fear” signal on the crypto fear and greed index, which hit its lowest point since early July. This index assesses volatility, prices, and social media sentiment to gauge market emotions, showing potential lows when fear prevails and highs when greed dominates.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.