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More than $700M worth of crypto liquidated during the past 24 hours

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The cryptocurrency market has witnessed a massive price dip, as massive amounts of money have been liquidated from the market in a short period. The volatility across the market stems from Bitcoin’s price that dipped to lows of below $30,000 yesterday.

Over $300M liquidated from the crypto market

On May 9, $314.3 million worth of crypto trades were liquidated from the crypto space within one hour, according to Glassnode. The liquidation coincided with Bitcoin’s price dip to $31,000, which is the lowest level the coin has traded at since July last year.

The Glassnode data further shows that $724.99 million worth of cryptocurrencies have been liquidated from the market within the past 24 hours. Half of the liquidated positions within the past hour have been attributed to ETH trades, while another $92 million of the liquidated traders belonged to Bitcoin.

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At the beginning of Monday, Bitcoin’s price was trading at over $34,000. However, the market has been on a plunge since then, with data from CoinGecko showing that the 24-hour low currently stands at around $29,996. At the time of writing, BTC had made a slight uptrend, trading at $31,644.

With the recent meltdown in the market, more than $300 billion worth of cryptocurrencies have been taken out of circulation in four days. Bitcoin’s price currently stands at around $602 billion, a major fall because the market cap sat at $1 trillion in December last year.

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Bitcoin continues to register a bearish flag

The Bitcoin plunge does not show any signs of cooling down. On May 9, Bitcoin created a 6th consecutive red weekly candle. The candle highlighted a bearish trend that has not been created since 2014.

Moreover, the behaviour of large Bitcoin addresses is also changing. Whales are known for accumulating when the market is down, but this is no longer the case. Bitcoin exchange inflow volumes are currently at a 3-month high, showing that whales are rushing to dump their holdings. This creates a negative market sentiment that could trigger more retail sales, further dumping the prices.

Crypto market liquidations continue to register an increase with each week. The last major liquidation in the market happened on Thursday. At the time, more than $100 million worth of cryptocurrency traders were liquidated within an hour. The liquidations happened after Bitcoin tanked to below $37,000.

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