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Sujit Kumar
Jan 18, 2025
by Sujit Kumar

Crypto Market Sees $306M Liquidations as Bitcoin Hits $104K

Crypto Market Sees $306M

Table of contents

  1. Long and Short Traders Equally Impacted
  2. Bitcoin Leads Liquidations, Dogecoin Surprises
    1. Bitcoin Open Interest Declines, Market Remains Strong
The cryptocurrency derivatives market has witnessed a massive $306 million in liquidations over the past 24 hours as Bitcoin and other major altcoins rallied.

Long and Short Traders Equally Impacted

According to CoinGlass, the liquidations were evenly split, with $154 million in long positions and $151 million in short positions wiped out. This suggests that both bullish and bearish traders were caught off guard by market volatility.

Despite the upward trend, traders using high leverage faced liquidation as sudden pullbacks disrupted bullish positions.

Bitcoin Leads Liquidations, Dogecoin Surprises

Bitcoin accounted for the largest share of liquidations, with $98 million in liquidated positions. Ethereum ($37 million) and XRP ($25 million) followed. Interestingly, Dogecoin (DOGE) ranked fourth with $16 million, outpacing larger altcoins like Solana.

Dogecoin's high speculation and popularity likely contributed to its increased liquidation volume, as traders placed leveraged bets on the meme coin’s movement.

Bitcoin Open Interest Declines, Market Remains Strong

Meanwhile, Bitcoin’s Open Interest-to-Market Cap ratio has cooled down from 2.8% in November to 2.4%, indicating a healthier market condition.

With Bitcoin now trading at $104,000, market watchers remain cautious, as further volatility could trigger more liquidations in the coming days.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Crypto Market Sees $306M
Crypto Market Sees $306M Liquidations as Bitcoin Hits $104K
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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