Bitcoin, the world’s largest crypto asset, dropped by nearly 15% yesterday along with Ethereum and other digital currencies. Due to the recent crypto market volatility, approximately $3.4 billion worth of long trading positions got liquidated in the last 24 hours.
According to bybt.com, a leading on-chain analytics platform, Tuesday’s crypto market sell-off liquidated over $1.3 billion worth of long Bitcoin positions. Ethereum came at the second spot with liquidations of more than $900 million worth of long ETH positions.
During the Asian trading session on 7 September, Bitcoin touched the high of nearly $53,000. However, the crypto asset dropped by nearly 20% during the US session and reached a low of $43,000. BTC recovered quickly from the recent lows and reached the price level of $46,500 on Wednesday. Currently, Bitcoin is trading near $46,600 with a market cap of $875 billion.
On the other hand, Ethereum crossed $3,900 during yesterday’s Asian session but dropped heavily in the US session and touched a low of $3,060. The crypto asset recovered quickly and regained the price level of $3,450 on Wednesday.
Apart from Bitcoin and Ethereum, the recent volatility in the crypto market liquidated massive trading positions in XRP, Solana, ADA, DOGE, FIL, and Ethereum Classic. According to bybt.com, nearly $220 million worth of long XRP positions were liquidated in the last 24 hours. Solana saw liquidations of over $80 million worth of long trading positions. Despite the latest dip, SOL saw a strong recovery in the last 24 hours.
“Largest Bitcoin dip in 4 months, Solana doesn’t care. After dropping from $185.66 to $131.82 in under 2 hours, the crypto asset popped right back up to $186.03 at the time of this writing,” Santiment mentioned.
“As is usually the case on market-wide dips, the trading crowd rallied to buy the dip. Calls related to buying or bought soared to levels last seen in May. Altcoin assets, in particular, are recovering quite healthily currently,” the company added.
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