- Over $479 million liquidated in 24 hours as Bitcoin plunges 9% to $56K.
- The largest single-trader liquidation occurred on the OKX exchange, involving $6 million.
- Despite the massive sell-off, analysts remain optimistic about a bullish comeback.
After the overly bearish April, the crypto market is again starting the new month of May on a red note, with crypto traders languishing in staggering capital losses. Data from market tracker Coinglass shows that 141,808 crypto traders faced liquidation over the last day. These traders have lost over $479 million in their investment across various assets.
The most significant single-trader liquidation occurred on the OKX exchange, involving an ETH-USDT-SWAP valued at $6.07 million. This nearly half-billion-dollar fortune wiped out of the crypto scene emerged following Bitcoin’s instability in the last 24 hours.
As of yesterday, Bitcoin traded at a high of $62,121. However, at press time, it had already plummeted by 9% to trade at a low of $56,555. This sudden turn of events has left crypto bulls reeling from significant losses.
In particular, crypto bulls lost over $401 billion within the past day, while shorters lost only about $63 million. The losses were more pronounced for Bitcoin optimists than other assets, with $150 million liquidated at press time.
On the other hand, Ethereum investors who bet for higher prices have incurred $107 million in liquidation. Significant liquidations were also recorded for other prominent assets like Solana (SOL) and Dogecoin (DOGE).
Crypto Liquidations | Coinglass
Bitcoin’s retest of the $56K range comes about two weeks after the Bitcoin network halved on April 19. Prior to the halving event, there was similar intense selling pressure in the market, with Bitcoin crashing to $60K from the recently attained all-time high of $73,850.
In his latest analysis, market watcher Rekt Capital has highlighted that Bitcoin’s revisit of $56K is officially the deepest retrace in this emerging bull cycle. Accordingly, market analysts continue to maintain confidence that the bullish comeback is around the corner.
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