Bitcoin experienced a decline in value on May 9, 2024, reaching a low of $60,634 at around 7 a.m. EDT. This downward trend led to the liquidation of approximately $34.79 million in bitcoin long positions across various derivatives markets.
As Bitcoin’s value declines, there have been heavy liquidations in the crypto market. Despite a 1.9% decrease in price over the past 24 hours, BTC has seen a 4.8% increase in value over the past week. However, statistics reveal a 12.4% decrease in value over the past month. As of May 9, BTC’s dominance in the crypto economy stands at around 53% of the $2.27 trillion market.
At its lowest point, BTC reached $60,634 at approximately 7 a.m. EDT. Currently, bitcoin’s market valuation is around $1.2 trillion with a 24-hour trade volume of approximately $24 billion. The most popular trading pair for BTC on May 9 is FDUSD, accounting for 44% of BTC trades, while USDT commands 33%. USD, USDC, and KRW follow as the most traded pairs for BTC in the last day.
According to Coinglass.com metrics, the decline in bitcoin’s value has resulted in a significant number of long liquidations across derivatives crypto exchanges. In the span of 24 hours, $34.79 million worth of BTC longs were liquidated, while $7.85 million worth of BTC shorts were wiped out in the past four hours. Overall, $134.34 million in both short and long positions were liquidated throughout the day across the entire crypto market.
These liquidation figures highlight the volatility of leveraged bitcoin trading and emphasize the risks and rewards associated with crypto derivatives markets. Moving forward, stakeholders will closely monitor bitcoin’s performance as it seeks to stabilize and regain its position in the ever-changing financial landscape. Additionally, the recent downturn has led to the liquidation of 61,321 traders involved in crypto derivatives.
What is your assessment of the crypto liquidations in the past 24 hours? Feel free to share your thoughts and opinions on this subject in the comments section below.
