Following a reversal in the price trend of Bitcoin (BTC) over the previous 24-hour period, the cryptocurrency market saw a substantial shift in pricing dynamics, resulting in liquidations of assets totaling around $680 million.
BTC, ETH and SOL liquidated after reverse gains
Major cryptocurrencies, like as Bitcoin, Ethereum, and Solana, have all seen significant liquidations as the price of Bitcoin quickly went negative, according to data from CoinGlass.
$246.66 million in liquidations were reported for Bitcoin (BTC), of which $195.61 million came from long holdings and $47.05 million from short ones. When liquidation followed a price decline previously, several analysts—including critic Peter Schiff—were hopeful about a rebound.
$116.07 million worth of Ethereum (ETH) was liquidated, with $94.86 million coming from long holdings and $21.21 million from short ones.
An Ethereum whale just made a huge purchase of 25,674 ETH, and consequences are expected should the price of ETH fall below a predetermined level and result in a liquidation event. Analysts say that this appears to be happening.
Outlier mode activated by Solana
$38.28 million was liquidated by Solana (SOL), of which $19.88 million came from long holdings and $18.39 million from short positions. Still, Solana (SOL) is unique in that it is the only significant cryptocurrency in the top 10 by market capitalization to show growth.
According to CoinGecko statistics, SOL has increased 6.8% in the last day to reach $177.31. This stands in stark contrast to the overall state of the digital currency market, which is experiencing significant losses, especially with respect to well-known currencies like Ethereum and Bitcoin.
Despite the market going through liquidation as a result of a price decline, stability may be returning soon, especially in light of the optimistic feeling in the market ahead of the Bitcoin halving event that takes place next month. Additionally, boosting inflows into instruments like a spot Bitcoin ETF may short-term cushion the decrease.
