CandleFocus Centralized exchanges face a hard blow amid cooling liquidations
2024-11-18
Author: Content Editor
Bitcoin's price consolidation around $90,000 has resulted in a decline in trading volumes on centralized exchanges such as Binance, Bybit, and OKX. CoinGecko data shows that Binance's daily trading volume dropped by 15.2% to $26.6 billion, while Bybit's volume declined by 14.6% to $5.7 billion. Additionally, the total decentralized exchange trading activity decreased by 4% to $9 billion across all platforms. This cooling of the market has also led to a decrease in total crypto liquidations, which dropped from $869 million to $231 million over the past 24 hours. However, the total crypto open interest increased by 1.5% to $104 billion, indicating a potential for higher market-wide volatility. It is worth noting that Bitcoin's dominance in the market could influence the broader crypto market.
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