The recent crash in the crypto market has sent shockwaves throughout the industry, causing a state of panic among traders. The once soaring Bitcoin price has been on a downward spiral, leading to significant losses for tens of thousands of traders. With support levels being broken one after another, the market has witnessed a massive sell-off that has resulted in millions of dollars in losses within just a day.

Data from Coinglass reveals that a staggering $292.8 million worth of crypto liquidations occurred in the last 24 hours alone. Over 105,000 traders were liquidated, with the majority, 88.61% to be precise, being long traders. The rapid fall in Bitcoin’s price, dropping from $61,000 to $57,000, triggered a cascade of liquidations totaling $204.97 million. The largest liquidation event took place on the Huobi exchange, where a single call saw $10.49 million wiped out.

Leading crypto exchanges bore the brunt of the liquidations, with Binance recording a staggering $122.67 million in losses. OKX followed closely behind with $89.83 million in liquidations, while Huobi saw $42.07 million being liquidated. Bybit and CoinEx also experienced significant liquidations amounting to $23.04 million and $9.42 million, respectively.

The dominance of long trades in the recent liquidation events reflects the overwhelming bearish sentiment in the market. However, as the price of Bitcoin shows signs of bouncing back, short traders are starting to feel the pressure. Data from Coinglass indicates a shift in liquidations from long to short trades in the past hour, signaling a potential reversal in market sentiment.

Despite the negative sentiment prevailing in the market, there is a silver lining with a 50% increase in Bitcoin’s daily trading volume, reaching $37.59 billion. The current price of Bitcoin stands at $57,909, marking a 3.87% decline in the last day. On a weekly and monthly basis, Bitcoin is down by 5.23% and 15.95%, respectively.

The recent crash in the crypto market has been a wake-up call for traders, highlighting the extreme volatility and risks associated with digital assets. As the market continues to navigate through turbulent times, it is essential for traders to exercise caution and implement risk management strategies to mitigate potential losses. Despite the challenges, the crypto market remains resilient, with opportunities for growth and investment for those willing to weather the storm.

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