In the past 24 hours, the total crypto liquidations have hit almost $98 million according to Coinglass data. This is 43.4% less than what it was yesterday. While the bitcoin price has dropped below the crucial mark of $30,000, its number of spent outputs have risen to above 625, marking a one-month high. The number of BTC withdrawals from the exchanges has also hit a one-month low of roughly 2,356 per Glassnode data. The total crypto market cap has also dropped from its local top, and is now back to around $1.222 trillion as recorded by CoinMarketCap (CMC) data.

Although the bitcoin price has experienced a plunge, however, Coinglass data shows that only 2,356 BTC transactions were withdrawn from the exchanges in the past 24 hours, which is a low compared to the recent highs. Furthermore, the total liquidations only account for $942,000 of the total. This could be an indication that the recent bull run is not over yet, and we could be seeing the cryptocurrency market on a rise again soon.

It is worth noting that the crypto market is subject to volatility, so any rise can also be followed by a drop. Therefore, precautionary measures should be taken into consideration when trading in the crypto market. One way of avoiding heavy losses is by investing a small portion of your total funds, allowing you to gain profits without risking too much.



Other News from Today