Massive $500M crypto liquidations rattle markets, with XRP plunging 10% and Bitcoin retracing to $95,000.
Massive Liquidations Rock Crypto Markets
The cryptocurrency market faced a liquidation storm, with $495 million liquidated in just 24 hours. Data from CoinGlass revealed that long positions accounted for the bulk, totaling $382.7 million.
More than 197,000 traders experienced liquidations, with Binance witnessing the largest individual liquidation of $13.24 million. Other major exchanges like OKX and HTX also saw significant activity, as the market corrected sharply.
XRP’s Sudden Drop Raises Eyebrows
XRP experienced a steep 10% drop on Sunday before recovering some losses. Despite this setback, XRP remains up nearly 30% over the past week, showcasing its recent bullish trend.
Bitcoin Fails to Cross $100K Amid Correction
Bitcoin, the flagship cryptocurrency, dipped to $95,000 after falling short of the much-anticipated $100,000 milestone on Friday. This correction follows Galaxy Digital CEO Mike Novogratz’s recent warning about the risks of high leverage, though he remains optimistic about Bitcoin reclaiming $100K in the future.
Whales Accumulate Amid Dip
Despite bearish sentiment, Bitcoin whales are taking advantage of the dip. Six new wallets collectively withdrew 1,110 BTC from Binance within hours, signaling strategic accumulation.
“While you’re selling, someone else is buying. Are you smarter than those accumulating thousands of Bitcoin?” remarked CryptoQuant’s Ki Young Ju in a social media post.
Market Analysts Weigh In
Though some analysts warn of Bitcoin being overbought, historical trends suggest otherwise. Matthew Sigel of VanEck noted that Bitcoin’s current level, 28% above its 50-day moving average, remains modest compared to prior cycles that often exceeded 40%.
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