Last 24 hours witnessed a massive liquidation of crypto assets worth millions as Bitcoin (BTC) plummeted from its 2023 peak. According to the leading cryptocurrency data analytics firm Coinglass, $140 million worth of digital assets were liquidated as Bitcoin withdrew from the $31,000 price level. At the time of writing, Bitcoin is trading at $30,305, a slight increase within the day, yet a 3.8% decline from 2023’s peak of $31,479.
Bitcoin Liquidation!
The data reveals that derivative contracts worth approximately $48 million, mostly long positions, were issued from the world’s largest crypto exchange platform, Binance. The Seychelles-based crypto exchange OKX saw long and short positions worth just over $46 million liquidated, while Bybit and Huobi experienced liquidations of $25 million and $8 million, respectively.
In addition, the crypto analytics firm identified that digital assets with the most liquidated contracts in the past 24 hours included the king cryptocurrency, Ethereum (ETH), Bitcoin Cash (BCH), Solana (SOL), XRP, Polygon (MATIC), Dogecoin (DOGE), and Pepe (PEPE).
Tokens Affected by Exits!
The increase in liquidation activity and the decline in BTC‘s price came as the new ADP report, which monitors employment levels in the United States, significantly exceeded expectations, sparking fears of further interest rate hikes in the market. John Lynch, the Chief Investment Officer of Comerica Wealth Management, mentioned in an interview with CNBC, “The market would clearly prefer a sequential number one. However, being more than double the expectations really increases the fear factor that the Fed needs to be more aggressive.”
