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Cryptocurrency Market Sees Wave of Liquidations Following Bitcoin’s Plunge

Alex Dovbnya

The cryptocurrency market has suffered from a wave of liquidations following Bitcoin’s plunge. According to recent data provided by Coinglass, a whopping $207 million of crypto has been liquidated over the past 24 hours. Long positions account for the vast majority of the wipeout ($184.09 million). This is a significant increase from the previous 24-hour period, where $136.53 million of crypto was liquidated.

Breakdown of Liquidations

The OKX comes in first place by the total amount of liquidations ($47.64 million). Binance and Huobi come in second and third places with $43.84 million and $27.19 million, respectively. Almost 80,000 traders have been liquidated over the past 24 hours, with the largest single liquidation surpassing $3 million on the OKX exchange.

Market Reactions

Bitcoin, Ethereum, Solana, and Dogecoin are in the lead by liquidations. Bitcoin, the flagship cryptocurrency, dropped to an intraday low of $65,018 earlier this Friday, according to CoinGecko data. It is currently trading at $65,448 after paring some gains. The flagship cryptocurrency is now down roughly 5% over the past week.

On Wednesday, the flagship coin came close to reclaiming the $70,000 level after US inflation turned out to be lower than expected in May. However, it reversed course after Federal Reserve Chair Jerome Powell made somewhat hawkish comments during the same day. His comments spooked traders who were hoping for multiple rate cuts this year.

How AI legalese decoder Can Help

The AI legalese decoder can help analyze the legal implications of these liquidations, such as identifying potential violations of contracts or regulatory requirements. Additionally, the AI can help decode the complex legal language used in the liquidation agreements, making it easier to understand the terms and conditions of the liquidations.

The Future of Cryptocurrency Trading

The recent wave of liquidations highlights the importance of risk management in cryptocurrency trading. Traders must be aware of the potential risks and take steps to mitigate them. The AI legalese decoder can help traders make more informed decisions by providing them with real-time data and analysis of the liquidations.

About the Author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

Conclusion

The recent wave of liquidations in the cryptocurrency market serves as a reminder of the importance of risk management and the need for traders to stay informed. The AI legalese decoder can help traders make more informed decisions by providing them with real-time data and analysis of the liquidations.

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