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Crypto Market Sees $359M Liquidation Amid Sell-Off

The cryptocurrency market experienced a sharp downturn today, with over $359 million in liquidations across major digital assets. Data from Phoenix Group reveals that 136,335 traders were impacted in the past 24 hours, reflecting widespread panic in the market.

Bitcoin and Ethereum Face Major Liquidations

Bitcoin suffered the most significant losses, with liquidations reaching $121.83 million. Ethereum followed closely behind, recording $50.98 million in liquidations.

Other notable liquidations include:

  • Solana: $21.28 million
  • Dogecoin: $12.84 million
  • Trump Meme Coin: $12.59 million
  • XRP: $9.46 million
  • ANIME Coin: $5.86 million

Additionally, assets like PEPE, RUNE, SUI, AI16z, and PNUT also faced substantial sell-offs during this period.

Exchange Liquidation Breakdown

Crypto exchanges saw massive sell-offs, with Binance leading the charge. Here’s a breakdown of the top exchanges affected:

  1. Binance: $123.19 million
    • Shorts: $51.07 million
    • Longs: $72.12 million
  2. OKX: $79.70 million
    • Shorts: $40.72 million
    • Longs: $38.38 million
  3. BYBIT: $68.55 million
    • Shorts: $24.63 million
    • Longs: $43.92 million
  4. Gate.io: $33.27 million
    • Shorts: $15.43 million
    • Longs: $17.60 million
  5. HTX: $25.27 million
    • Shorts: $13 million
    • Longs: $12.27 million
  6. Bitfinex: $10.36 million
    • Shorts: $50,000
    • Longs: $10.31 million
  7. BitMEX: $9.12 million
  8. CoinEx: $5.02 million

What This Means for the Market

The recent liquidation wave highlights the ongoing volatility in the crypto space. Market participants are closely monitoring whether this downturn will lead to a prolonged bearish trend or a quick recovery.

Investors are advised to stay cautious and consider risk management strategies to navigate the current market conditions.

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Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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