{"id":14071,"date":"2024-06-18T22:14:13","date_gmt":"2024-06-18T22:14:13","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/?p=14071"},"modified":"2024-06-18T22:14:13","modified_gmt":"2024-06-18T22:14:13","slug":"altcoin-market-crash-leads-to-367-million-crypto-longs-liquidations","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/altcoin-market-crash-leads-to-367-million-crypto-longs-liquidations\/","title":{"rendered":"Altcoin Market Crash Leads to $367 Million Crypto Longs Liquidations"},"content":{"rendered":"\n<p>Recent data indicates a surge in liquidations in the cryptocurrency derivatives market following a significant crash in the altcoin sector.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_Experience_Squeeze_Ethereum_Leads_in_Liquidations\"><\/span>Altcoins Experience Squeeze, Ethereum Leads in Liquidations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The cryptocurrency market has undergone notable volatility in the past day, witnessing a drop of over 5% in the majority of altcoins. Consequently, this widespread volatility has triggered turmoil in the derivatives market.<\/p>\n<p>According to insights from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">CoinGlass<\/a>, nearly $429 million worth of contracts have been liquidated in the past 24 hours.<\/p>\n<p><\/p>\n<p>A liquidation occurs when a contract is forcibly closed by the platform due to accruing significant losses that surpass a predetermined threshold.<\/p>\n<p>As illustrated in the data, the majority of these forceful closures primarily impacted long contract holders. Specifically, over $367 million in liquidations, accounting for more than 85% of the total, involved traders who had bet on a bullish market outcome.<\/p>\n<p>The significant number of liquidations among long contracts can be attributed to the overall downward trend observed in the cryptocurrency market.<\/p>\n<p>The following heatmap showcases the contributions of individual assets to the recent derivatives liquidations.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-306089 aligncenter\" src=\"https:\/\/www.bitrabo.com\/discover\/wp-content\/uploads\/2024\/06\/1718748831_151_367-Million-Crypto-Longs-Flushed-After-Altcoin-Market-Crash.png\" alt=\"Altcoin and others\" width=\"640\" height=\"291\" data-recalc-dims=\"1\" \/><\/p>\n<p>Interestingly, Ethereum (ETH) leads in terms of liquidations, followed by Dogecoin (DOGE) and Shiba Inu (SHIB). While Bitcoin (BTC) remained relatively steady, Ethereum witnessed a significant drop, resulting in substantial liquidations.<\/p>\n<p>These altcoins, especially DOGE and SHIB, experienced notable declines, contributing to their significant liquidations compared to other top cryptocurrencies.<\/p>\n<p>Such mass liquidation events are commonly referred to as &#8220;squeezes,&#8221; which can escalate volatility in the market. Given the dominance of long contract liquidations in this event, it can be described as a &#8220;long squeeze.&#8221;<\/p>\n<p>While squeezes are not uncommon in the cryptocurrency market due to its inherent volatility, an altcoin-focused squeeze of this scale is relatively rare.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_Price\"><\/span>ETH Price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Post the recent plunge, Ethereum&#8217;s price has retreated to the $3,400 level.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/qPwPkoq8\/\" alt=\"Ethereum Price Chart\" width=\"1534\" height=\"854\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent data indicates a surge in liquidations in the cryptocurrency derivatives market following a significant crash in the altcoin sector. Altcoins Experience Squeeze, Ethereum Leads in Liquidations The cryptocurrency market has undergone notable volatility in the past day, witnessing a drop of over 5% in the majority of altcoins. Consequently, this widespread volatility has triggered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14072,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Altcoin Market Crash Leads to $367 Million Crypto Longs Liquidations - Bitrabo","description":"Recent data indicates a surge in liquidations in the cryptocurrency derivatives market following a significant crash in the altcoin sector. Altcoins Experience"},"footnotes":""},"categories":[316],"tags":[785,979,504,2655,2552,496,4877,561],"class_list":["post-14071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-altcoin","tag-crash","tag-crypto","tag-flushed","tag-longs","tag-market","tag-market-crash","tag-million"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/14071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=14071"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/14071\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/14072"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=14071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=14071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=14071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}