Market Sees $1B in Crypto Liquidations
In the past 24 hours, the crypto market saw liquidations over $1 billion as investors were taken by surprise by the strong performance of crypto in the last month. However, one analyst believes that this dip in the market may be short-lived.
According to Swyftx lead analyst Pav Hundal, the current selling frenzy is a result of investors being unprepared for any negative news after the recent positive market sentiment. Despite this setback, Hundal remains optimistic that it is just a temporary dip and not the start of a downward trend.
CoinGlass data shows that on December 19, over $1.02 billion was liquidated in the crypto market, with the majority being long positions totaling around $856.7 million.
During the same time, Bitcoin dropped 3.36%, falling below the psychologically significant $100,000 mark. At the time of writing, Bitcoin’s value stands at $97,350 as per CoinMarketCap data.
