Long position liquidations on dollar-margined leveraged markets skyrocket 1057.69%, erasing nearly two billion.
The Bloody Monday’s market dip saw the general market capitalization dip below $4 trillion after keeping above this range for three weeks. On top of that, crypto liquidations on the Futures markets have skyrocketed by 1057.69% in the latest 24-hour period.
$1.7B Liquidation Shockwave Sends XRP, ETH Prices Tumbling
This mouth-dropping statistic comes to $1.7 billion liquidated on leveraged crypto market plays in 24 hours, as major-cap altcoins take a humongous hit. Specifically, Ether (ETH) & Ripple (XRP) took in a 6% 24-hour deficit each, now trading well below the previously-claimed support levels.
On Ripple coin’s (XRP) side, the current $2.80 price does not constitute a new monthly low yet, as the $2.76 support levels assisted in multiple bounce-backs through the first month of Fall. For Ether (ETH), the downward price movement has been a tad bit more drastic, as ETH sinked to $4,145, the lowest point in 30 days.
On the other hand, not all of the $1.7 billion liquidated positions in this crypto extinction event were upwards, as a few short-sellers also succumbed to considerable losses amidst the erratic price movements.
Literally, a few. Intriguingly, short liquidations count up to just $83 million, while the long positions accounted for $1.61B out of $1.7B, signaling market abnormalities with the bulls getting completely washed away.
Naturally, this harsh market wipe-out has pushed the boundaries of crypto whales, who have contaminated themselves with hefty sell-offs. For Ethereum (ETH), the Chaikin Money Flow (CMF) flashed -0.18, while XRP coin’s distribution was slightly softer, but still prevalent at -0.09.
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