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The cryptocurrency market suffered a $495 million liquidation wave in the past day, driven by steep corrections in Bitcoin and XRP. Bitcoin fell to $95,000, triggering mass sell-offs, while XRP plunged over 10%. Amid volatility, whales continue to amass Bitcoin, showcasing resilience in turbulent times.
Massive Liquidations Shake Crypto Markets
Data from cryptocurrency monitoring firm CoinGlass shows that $495 million worth of cryptocurrencies was liquidated in the last 24 hours.
The bulk ($382.7 million) of these liquidations are attributed to long positions. In the last day, 197,083 traders were liquidated, with Binance seeing the most amount at $13.24 million.
When it comes to the quantity of cryptocurrency that has been liquidated, Binance, OKX, and HTX are at the top. A series of liquidations has just occurred in the midst of a sharp decline in the market.
On Sunday, XRP fell by almost 10% before recovering some of its losses. Still, it's a 30% increase from last week. The market capitalization leader among cryptocurrencies, Bitcoin, too fell below $100,000 on Friday, plunging below the $95,000 mark.
Bitcoin Drops to $95K, XRP Plunges 10%
Corrections were "inevitable" owing to significant leverage, according to Galaxy Digital CEO Mike Novogratz's recent warning. He remains adamant, nevertheless, that Bitcoin will recoup its $100,000 valuation in due time, U.Today shares.
Despite the recent price drop, whales are still adding to their Bitcoin holdings. Six new wallets quickly removed 1,110 BTC from the Binance exchange, as reported by the business.
Many market watchers are worried that Bitcoin is overbought, but Matthew Sigel, VanEck's head of digital asset analysis, recently pointed out that has happened before.
Whales Accumulate Bitcoin Amid Corrections
"While you’re selling, someone else is buying. Take a moment to think—are you smarter than those accumulating thousands, or even tens of thousands, of Bitcoin in custodial wallets?" Ki Young Ju of CryptoQuant recently stated in an online post.
"You're right that Bitcoin is currently 28% above its 50-day moving average, and that's high. But in prior cycles we routinely hit 40%+ and stayed there," he stated in a recent social media post.
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