Cryptocurrency traders faced significant losses exceeding $100 million from liquidations.
Santiment has observed a noticeable shift in the cryptocurrency community's focus.
Michael Van de Poppe said Bitcoin is currently holding the critical support level.
Major cryptocurrencies plunged on Monday evening following an escalation in the Israeli-Palestinian conflict over the weekend.
What Happened: Cryptocurrency traders faced significant losses exceeding $100 million from liquidations during Monday’s market downturn, which was triggered by a decline in digital asset prices coupled with an increasing conflict in the Middle East.
Within the last 24 hours, over 42,778 traders have been liquidated, resulting in a staggering total of $114.94 million in liquidations. The largest individual liquidation occurred on Binance, involving the ETH/BUSD pair with a value of $4.53 million.
CoinGlass data reveals that a staggering $105 million of long positions, which were speculative bets on price increases, were entirely wiped out. These liquidations occur when an exchange terminates a leveraged trading position due to either a complete or partial loss of the trader’s initial margin. Essentially, this happens when the trader fails to meet the margin requirements or lacks sufficient funds to sustain the position.
The global crypto market cap currently stands at $1.09 trillion, reflecting a decrease of 0.35% in the past 24 hours. Cryptocurrencies didn’t mirror the gains seen in other risk assets on Monday. The S&P 500 gained 0.63%, ending at 4,335.66. The tech-heavy Nasdaq Composite added 0.39%, landing at 13,484.24.