In just 24 hours, more than 240,000 individuals have taken up selling positions, with almost a billion dollars liquidated in the crypto market.
More than $940 Million in Crypto Liquidated
The liquidations in the cryptocurrency market over the past 24 hours have been brutal. Most of them were caused by the large digital assets that have been in the space. However, Bitcoin took the brunt of the selling.
The sudden price movement has resulted in the liquidations of long positions in the market. Although most of these liquidations were carried out by long-term investors, many short positions were affected.
Over the past 24 hours, there have been around 253,000 liquidations in the market. However, this number is expected to grow. According to data from Coinglass, over the past 24 hours, over $596 million in long positions have been liquidated. Out of this, $346.86 million was allocated for shorts, while the remaining $36.86 million was lost.
Top Cryptos Record Massive Losses
Due to the large number of losses experienced by the big players in the past 24 hours, it is interesting to note that the number of digital assets that traders lost is also increasing. For instance, Bitcoin lost over 16.4 million in BTC.
The total amount of money lost for the quarter was around $400.38 million. On the other hand, Ethereum lost 298.96K ETH, equivalent to $356.82 million.
Small altcoins have also been hit hard by the market’s decline. Solana, for instance, has seen its value plummet. It has resulted in the company going through liquidations. Due to the continuous decline in the price of digital assets, the number of long liquidations has increased. In the past 24 hours, the total amount of money lost by traders was almost $18.59 million.
Among the top losers are some of the most prominent digital assets, such as FLM, which lost over $11.99, ADA, which was at $7.86 million, and TRX, which lost $5.85 million. Other notable digital assets that have significantly lost include DOGE, AVAX, and LUNA. These assets lost around $5.19 million, $4.44 million, and $4.72 million, respectively.
The US government released inflation estimates for 2019 on Friday, which showed that the consumer price index rose by 8.6 percent. Bitcoin’s volatility spiked as the record inflation rate led to the price dropping to the $25,000 mark.
The rise of the crypto market has become more intertwined with traditional equity markets. In recent months, the tech-focused Nasdaq was down 3.5%. The Dow Jones Industrial Average and S&P 500 were also down more than 2.5%.
Last week, Federal Reserve Chair Janet Yellen warned against investing in cryptocurrencies in retirement plans. Her comments added to the negative sentiment surrounding the market.
In response to the rising prices, the central banks of Canada, Australia, and the United Kingdom increased their interest rates by around 50 basis points. The European Central Bank also said it would stop buying assets and start raising rates later this year.
New-gen BTC Mining Rigs Still in Profit
According to data collected by F2Pool, the profitability of various types of ASIC machines has dropped into negative territory following Bitcoin’s recent decline. Some of these include the Antminer S11 and the AvalonMiner 921.
Despite the Bitcoin price dropping, some mining machines still make money. It suggests that their owners can still ride out the market’s decline. Some of these include the iPollo V1, which has a daily income of around $62, and the S-series machines from Antminer. Even though the price of Bitcoin is below $25,000, these miners still generate a daily revenue of around $4.75 to $18.
Some profitable mining machines, such as the Antminer S17+(73T)., are near their shutdown thresholds. However, it’s possible that they could become unprofitable once the price of Bitcoin drops to around $22,000.