Benzinga - The cryptocurrency market has witnessed the liquidation of over $340 million longs in the last 24 hours.
What Happened: Leading the pack in the liquidation spree, Bitcoin (CRYPTO: BTC) long positions suffered a $94 million wipeout, closely followed by Ethereum’s (CRYPTO: ETH) $80 million longs sell-off.
Data from Coinglass shows over 113,594 traders feeling the pinch of market forces. The single most notable incident occurred on the OKX platform, where a Bitcoin-to-USDT perpetual swap position faced a swift exit, amounting to $8.23 million in value, marking the largest individual liquidation.
OKX witnessed a massive $164.62 million in liquidations, of which $151.15 million were in long positions.
Binance was not far behind with overall liquidations reaching $118.33 million, where long positions accounted for $96.53 million and short positions sitting at $21.81 million. The percentage of longs stood at 81.57%.
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Why It Matters: On-chain analyst Willy Woo signaling a possible correction in Bitcoin’s market price, potentially drawing down to a level of $39,700.
The #Bitcoin CME Gap at 39.7k…By my count 28 out of 30 gaps have been filled on CME daily candles (93%). The other unfilled gap is pictured in the lower left of this chart also. pic.twitter.com/EyccaJTTkr
— Willy Woo (@woonomic) December 7, 2023
Peter Schiff chimed in with an analogy to the sports world, likening Bitcoin’s sharp decline to the disappointing performance of the NFL’s Philadelphia Eagles.
What's going on with #Bitcoin tonight? It's getting a bigger beatdown than the Eagles!— Peter Schiff (@PeterSchiff) December 11, 2023
Price Action: At the time of writing, Bitcoin was trading at $42,195, down 3.62% in the last 24 hours, according to Benzinga Pro.
Photo by DUSAN ZIDAR on Shutterstock
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