The global digital asset market cap registered a decline of more than 3% over the last 24 hours. It now stands at $1.38 billion. The biggest cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) prices dropped by 3% and 6%, respectively. However, the latest slump in the market has triggered a liquidation spree in the market.
Bitcoin records $57 mln in liquidations
According to the Coinglass data, more than 78K traders got liquidated in the last 24 hours. The total liquidation stands at around $213.7 million. The single largest liquidation order of ETH/USDT, valued at $1.96 million was executed on crypto exchange Binance.
Data depicts that Bitcoin registered the highest amount of liquidation. BTC saw more than $57 million worth of long and short positions liquidation in the last 24 hours. As per the data, $45 million worth of long positions (80%) got liquidated. This depicts a positive sentiment linked to the BTC price surge among traders.
BTC down by 3%
Bitcoin price dropped by almost 3% in the last 24 hours. BTC is trading at an average price of $36,381, at the press time. Its 24 hour trading volume is down by 9% to stand at $25.6 billion. This decline comes in when Bitcoin was riding high on possible spot Exchange-traded fund (ETF) approval from the U.S. Securities and Exchange Commission (SEC).
On the other side, World stocks are holding firm near a two-month peak reflecting a positive inflation outlook and reinforcing expectations of potential interest rate cuts in the coming year.
However, oil prices are aiming for a fourth consecutive week of decline. The dollar recorded a slump of 1% against the yen. This reflects evolving market rate sentiments against major currencies. MSCI’s World Stock Index is approaching recent highs with European shares recording a 1% upswing. U.S. stock futures suggest a favorable opening for Wall Street, sustaining a positive tone in global financial markets.