📉The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according to data from CoinGlass.
At the time of writing, Bitcoin is trading down 3.5% at $61,720 early Wednesday, while Ethereum (ETH) fell over 6% to $2,480, according to CoinGecko data.
It's worth noting that analysts have been saying the setback, however painful, is temporary—not the harbinger of a prolonged bear market. In the coming months, Bitcoin stands to see a boon from China's stimulus, U.S. employment figures, clarify on FTX payments to creditors, and an end to the U.S. election season.
The cryptocurrency market sell off, which saw the Bitcoin price nose-dive by over 5% late Tuesday, resulted in massive liquidations totaling $526 million over 24 hours.
Long positions accounted for $453 million and short positions for $73 million, according… 0 reply
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