Cryptocurrency market liquidations exceeded $ 1 billion per day

The top cryptocurrencies have fallen sharply along with the drop in global stock indices. According to Coinglass, more than $ 1 billion in positions were liquidated from the market over the past day, of which $ 950 million were long trades. Thus, Bitcoin BTC $107,325.00 Mezo Wrapped BTC 0.89% Market capitalization $57.21 million VOL. 24 hours $2.33 billion decreased by 0.47% to $ 109,886, Ethereum ETH $3,837.65 Bridged Ether (StarkGate) 0.66% Market capitalization $87.81 million VOL. 24 hours $1.83 billion fell by 1.51% to $ 3,854, and XRP XRP $2.50 XRP 2.20% Market capitalization $150.23 billion VOL. 24 hours $0.29 billion and Solana SOL $186.28 Binance-Peg SOL 1.21% Market capitalization $0.2 billion VOL. 24 hours $0.6 billion lost more than 3%. Dogecoin DOGE $0.19 Binance-Peg Dogecoin 1.45% Market capitalization $0.48 billion VOL. 24 hours $0.13 billion fell by 3.7% to trade at $ 0.185.

Bitcoin reached its lowest point of the day at $ 106,376, showing a 16% increase in trading volume. Its market share is close to 60%, while Ethereum’s share has dropped to 12.6%. The total capitalization of the crypto market decreased by 1.87% to $ 3.67 trillion.

Despite the overall decline, the share of traders on Binance holding long positions in bitcoin has increased to 71%. If BTC rises to $ 117,000 again, short positions worth about $ 580 million are at risk of being liquidated. Among the coins with a market capitalization of more than $ 100 million, MemeCore (8%), PAX Gold (1.92%), and Tether Gold (1.89%) showed growth.

The fall of the crypto market coincided with the decline in US stock indices. The Dow Jones index decreased by 0.23%, the S&P 500 — by 0.99%, and the Nasdaq fell by 1.57%. Investors were skeptical of the announced «trade truce» between the US and China after the meeting between Donald Trump and Xi Jinping, despite the agreement to reduce duties and lift restrictions on the export of rare earth metals.

BitcoinIRA analyst Chris Kline noted that the market is influenced by several factors, from record gold and cryptocurrency prices to political instability. At the same time, a well-known trader Ali Martinez believes that Ethereum can reach $ 10,000, but before that, it is likely to roll back to $ 2,000, after which it will overcome the levels of $ 5,000 and $ 10,000.