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    Home » 178 Million Liquidated but it Appears the Pullback Has Ended
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    178 Million Liquidated but it Appears the Pullback Has Ended

    By adminSep. 16, 2024No Comments2 Mins Read
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    178 Million Liquidated but it Appears the Pullback Has Ended
    178 Million Liquidated but it Appears the Pullback Has Ended
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    The cryptocurrency market witnessed a sudden dip earlier today, causing a significant increase in the amount of liquidations. But the downtrend seems to be fading away.
    According to
    data
    provided by CoinGlass, over $178 million have been liquidated from the crypto market over the past 24 hours, marking a 292% increase. Bullish traders, holding long positions, witnessed most of the losses, worth $153 million.
    The total open interest in the crypto ecosystem declined by 2% in the past 24 hours and is currently hovering at $55 billion.
    Data shows that most of the liquidations were executed in retail traders’ positions. The largest single liquidation, worth $2 million, happened on the OKX exchange.
    Ethereum (
    ETH
    ) is leading the chart with $55 million in liquidations followed by Bitcoin’s (
    BTC
    ) $35 million.
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    The massive liquidations brought a dip to the crypto market. The global cryptocurrency market capitalization declined by 3.6% in the past 24 hours and is sitting at $2.14 trillion, according to data from CoinGecko.
    Crypto market cap – Sept. 16 | Source:
    CoinGecko
    Bitcoin dropped to an intraday low of $58,150 but soon regained momentum to the $59,000 mark.
    According to CryptoQuant, the number of Bitcoin addresses depositing into exchanges has dropped to 132,100 — a level last seen in 2016.
    The indicator shows that the number of holders selling BTC has significantly decreased. This will, consequently, hint at a declining selling pressure and lower price volatility.
    Per a crypto.news report on Sept. 15, over $1.3 billion worth of BTC
    left centralized exchanges
    last week. Bitcoin’s on-chain movements and indicators show a potential
    bullish momentum
    .
    However, macro events could still shift the market direction despite the bullish investor sentiment.
    Read more:
    Avalanche-backed borrowing protocol DeltaPrime suffers $4.5m hack

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