Crypto Market Downturn: $700 Million in Liquidations in 24 Hours

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Over the past day, the overall value of cryptocurrencies dropped by approximately $240 billion due to a substantial market contraction. This downturn caused the price of bitcoin to decrease from more than $102,000 to around $95,000 as of this moment.

In the past day, liquidations on major trading platforms exceeded $700 million due to market declines, with approximately $616 million of those coming from traders holding long positions, as indicated by data from CoinGlass.

In simpler terms, a recent fall in value has led to a decrease in the price of significant cryptocurrencies, ranging from a 3.7% dip to as much as 12%. Among the top 10 digital currencies based on market value, Cardano (ADA) experienced the most pronounced drop.

It’s worth mentioning that this decline has extended to conventional markets too. Yesterday, the S&P 500 decreased by approximately 1.1%, and the NASDAQ experienced a drop of over 1.8%.

Gold, likened to bitcoin’s digital counterpart, saw an increase in value during periods of doubt, currently trading at approximately $2,664 after a 0.55% rise within the past day.

10-year Treasury yields have noticeably increased, with the rate on U.S. 10-year Treasuries climbing by approximately 5 basis points to reach 4.683%. This increase occurred as job openings in the United States exceeded predictions in November, suggesting that the labor market may be becoming tighter.

In the past day, the overall value of all the companies within the space has decreased by over 6%, leaving it at approximately $3.33 trillion in total market capitalization.

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2025-01-08 17:55