Just 24 hours ago, the crypto market seemed like a prosperous place after days, if not weeks, of uncertainty. Even the popular Fear & Greed indicator made it back into greed mode and reached a reading of 44. However, fast forward to today, and all the optimism from the beginning of the week seems to have been erased.
The crypto market experienced a setback in the past 24 hours, wiping out the optimism seen earlier in the week. The Fear & Greed index also slipped back into fear mode today, reaching 34 points.
As of 07:00 KST (23:00 BST; 14:00 ET on Monday), Bitcoin (BTC) lost 2% of its price, trading at $60,800. The price of Dogecoin (DOGE) fell by 4.2%, and XRP dropped 3.78%.
The gains in the crypto market yesterday were met with a strong setback today, likely due to the buildup of leveraged traders' positions.
According to CoinGlass data, about $299.58 million in cryptocurrency positions were liquidated in the past 24 hours. The majority of liquidated positions were longs, accounting for 56% of the total.
The cryptocurrency market experienced substantial volatility in recent months, with several billion-dollar liquidations. However, today's liquidation was relatively small, indicating a lack of market depth and buying power to support the selloff.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
