The cryptocurrency market is once more beginning the month of May on a negative note, with traders sitting on enormous capital losses following the excessively pessimistic April. According to data from market monitor Coinglass, 141,808 cryptocurrency dealers saw liquidation in the previous day. Over $479 million has been lost by these traders on their investments in a variety of assets.
On the OKX exchange, a $6.07 million ETH-USDT-SWAP was the subject of the biggest single-trader liquidation. Following the volatility of Bitcoin over the past day, this nearly half-billion dollar windfall vanished from the cryptocurrency world.
Bitcoin reached a high of $62,121 in trading Tuesday. It has already fallen 9% as of the time of publication, trading at $56,555. Crypto bulls are suffering severe losses as a result of this abrupt turn of events.
Specifically, about $401 billion was lost by cryptocurrency bulls in the last day, compared to only roughly $63 million by shorters. Optimists of Bitcoin suffered more severe losses than those of other assets; as of press time, $150 million had been liquidated.
However, $107 million has been lost in liquidation by Ethereum investors who wagered on higher prices. Notable liquidations of other notable assets, such as Dogecoin (DOGE) and Solana (SOL), were also documented.
About two weeks have passed after the April 19 network halving of Bitcoin before it retested the $56K range. Similar extreme selling pressure was present in the market prior to the halving event, which caused Bitcoin to plummet from its recently reached all-time high of $73,850 to $60K.
Market observer Rekt Capital has noted in his most recent study that the official deepest pullback in this new bull cycle is Bitcoin’s revisit of $56K. As a result, market observers are still optimistic about the impending positive rebound.
May 2024, Cryptoniteuae
