{"id":489895,"date":"2022-05-06T17:00:40","date_gmt":"2022-05-06T17:00:40","guid":{"rendered":"https:\/\/wncen.com\/?p=489895"},"modified":"2024-06-11T14:19:41","modified_gmt":"2024-06-11T14:19:41","slug":"over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off\/","title":{"rendered":"Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off"},"content":{"rendered":"

The crypto market recently saw a downturn that caused $120 billion to be taken off the total market cap in the space of a day. This obviously had caused panic across the market, triggering sell-offs from investors who were trying to save themselves from more losses. However, more than 110k traders would record hundreds of millions of dollars in losses as the downtrend had caused a cascading liquidation event.<\/p>\n

Traders Lose $430 Million<\/h2>\n

The crypto market has recorded one of the largest liquidation events of 2022<\/a>. On Thursday, the price of bitcoin had fallen below $37,000 hot to the news of interest rates being increased by 50 basis points in the just concluded FOMC meeting. This would be the beginning of a long day for crypto traders who had seen their trades liquidated into the hundreds of millions of dollars.<\/p>\n

Related Reading |\u00a0Ethereum Exchange Inflows Decline As Sellers Cool Off, Will Price Follow?<\/a><\/strong><\/em><\/p>\n

Mainly, the liquidations were long liquidations from traders who had placed their bets on the optimistic future price of various cryptocurrencies. The market would continue to tumble and the liquidations would continue to leave ripples in the market. In total, there has been more than $430 million in liquidations in the last 24 hours alone.<\/p>\n

\"crypto<\/p>\n

Crypto liqudaitions surpass $430 million | Source: Coinglass<\/a><\/pre>\n
Naturally, bitcoin led the market with its liquidations. The pioneer cryptocurrency which is favored by traders for being the market leader saw traders liquidated to the tune of more than $200 million in the span of a day. Long liquidations made up about 70% although short traders were not left out of the onslaught.\u00a0<\/span><\/p>\n
On the altcoin front, Ethereum led the pack with $69 million in liquidations. However, there were some other significant players in the space who had seen traders rekt beyond expectations.<\/p>\n
GMT and APE, two coins that had been on the rise lately both saw more than $12 million dollars in liquidations respectively. Some might argue that they had seen the liquidations in APE coming due to the hype that had followed billionaire Elon Musk changing his Twitter profile picture to BAYC avatars.<\/p>\n
\"Crypto<\/p>\n
Crypto market cap loses $120B | Source: Crypto Total Market Cap on TradingView.com<\/a><\/pre>\n
Nevertheless, it remains a sad day for the market. Sentiment has now fallen into the extreme fear territory<\/a> leading to incredibly low momentum in the market. More notably is the fact that bitcoin now lies dangerously low on the $36,000-$38,000 support level.<\/p>\n
Related Reading |\u00a0Bitcoin Broke Above The Multi-Week Resistance; What\u2019s Next<\/a><\/strong><\/em><\/p>\n
This point remains crucial for bulls to hold the digital asset above as a fall below $36,000 will likely set the digital asset on a path below $30,000. If this happens, bitcoin being a market leader will certainly pull the rest of the market down with it, which could see long liquidations of historical proportions rock the market.\u00a0<\/span><\/p>\n
Featured image from Physics World, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The crypto market recently saw a downturn that caused $120 billion to be taken off the total market cap in the space of a day. This obviously had caused panic across the market, triggering sell-offs from investors who were trying to save themselves from more losses. However, more than 110k traders would record hundreds of millions of dollars in losses as the downtrend had caused a cascading liquidation event. Traders Lose $430 Million The crypto market has recorded one of the largest liquidation events of 2022. On Thursday, the price of bitcoin had fallen below $37,000 hot to the news of interest rates being increased by 50 basis points in the just concluded FOMC meeting. This would be the beginning of a long day for crypto traders who had seen their trades liquidated into the hundreds of millions of dollars. Related Reading |\u00a0Ethereum Exchange Inflows Decline As Sellers Cool Off, Will Price Follow? Mainly, the liquidations were long liquidations from traders who had placed their bets on the optimistic future price of various cryptocurrencies. The market would continue to tumble and the liquidations would continue to leave ripples in the market. In total, there has been more than $430 million in liquidations in the last 24 hours alone. Crypto liqudaitions surpass $430 million | Source: Coinglass Naturally, bitcoin led the market with its liquidations. The pioneer cryptocurrency which is favored by traders for being the market leader saw traders liquidated to the tune of more than $200 million in the span of a day. Long liquidations made up about 70% although short traders were not left out of the onslaught.\u00a0 On the altcoin front, Ethereum led the pack with $69 million in liquidations. However, there were some other significant players in the space who had seen traders rekt beyond expectations. GMT and APE, two coins that had been on the rise lately both saw more than $12 million dollars in liquidations respectively. Some might argue that they had seen the liquidations in APE coming due to the hype that had followed billionaire Elon Musk changing his Twitter profile picture to BAYC avatars. Crypto market cap loses $120B | Source: Crypto Total Market Cap on TradingView.com Nevertheless, it remains a sad day for the market. Sentiment has now fallen into the extreme fear territory leading to incredibly low momentum in the market. More notably is the fact that bitcoin now lies dangerously low on the $36,000-$38,000 support level. Related Reading |\u00a0Bitcoin Broke Above The Multi-Week Resistance; What\u2019s Next This point remains crucial for bulls to hold the digital asset above as a fall below $36,000 will likely set the digital asset on a path below $30,000. If this happens, bitcoin being a market leader will certainly pull the rest of the market down with it, which could see long liquidations of historical proportions rock the market.\u00a0 Featured image from Physics World, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":489901,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83386,3],"tags":[85879,428,1119,6664,85578,84001,1558,8323,1946,85918,85078,34799],"class_list":["post-489895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-crypto","category-news","tag-ape","tag-bitcoin","tag-btc","tag-crypto","tag-crypto-liquidations","tag-crypto-total-market-cap","tag-cryptocurrency","tag-eth","tag-ethereum","tag-gmt","tag-liquidations","tag-total-market-cap"],"acf":[],"yoast_head":"\nOver 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off<\/title>\n<meta name=\"description\" content=\"The crypto market recently saw a downturn that caused $120 billion to be taken off the total market cap in the space of a day. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off","url":"http:\/\/wncen.com\/news\/over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/liquid.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/liquid.png?fit=1000%2C445"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ape","bitcoin","btc","crypto","crypto liquidations","crypto total market cap","cryptocurrency","eth","ethereum","gmt","liquidations","total market cap"],"dateCreated":"2022-05-06T17:00:40Z","datePublished":"2022-05-06T17:00:40Z","dateModified":"2024-06-11T14:19:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Over 110,000 Traders Rekt As Crypto Market Sees $120B Shaved Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/over-110000-traders-rekt-as-crypto-market-sees-120b-shaved-off\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/liquid.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/liquid.png?fit=1000%2C445\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ape\",\"bitcoin\",\"btc\",\"crypto\",\"crypto liquidations\",\"crypto total market cap\",\"cryptocurrency\",\"eth\",\"ethereum\",\"gmt\",\"liquidations\",\"total market cap\"],\"dateCreated\":\"2022-05-06T17:00:40Z\",\"datePublished\":\"2022-05-06T17:00:40Z\",\"dateModified\":\"2024-06-11T14:19:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/liquid.png?fit=1000%2C445","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/489895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=489895"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/489895\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/489901"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=489895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=489895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=489895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}