{"id":598167,"date":"2024-03-16T11:00:43","date_gmt":"2024-03-16T11:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=598167"},"modified":"2024-03-16T12:02:45","modified_gmt":"2024-03-16T12:02:45","slug":"crypto-carnage-over-800-million-wiped-out-in-market-plunge","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-carnage-over-800-million-wiped-out-in-market-plunge\/","title":{"rendered":"Crypto Carnage: Over $800 Million Wiped Out In Market Plunge"},"content":{"rendered":"

The recent market plunge has sent shockwaves through the crypto industry, resulting in hundreds of millions in dollars being wiped out in a matter of hours.<\/p>\n

The price of Bitcoin<\/a> has retreated violently to a weekly low of $67,500 after a few days of showing remarkable advances and setting new all-time highs.<\/p>\n

The altcoins have experienced a significant decline as well, resulting in nearly 200,000 traders making liquidations during the last 24 hours.<\/p>\n

The weekend brought a tremor to the cryptocurrency market, with a sudden price correction causing short-term panic and hundreds of millions in liquidated positions.<\/p>\n

However, despite the wobble, analysts are divided on whether this signifies a broader market shift or a mere blip on the bullish radar.<\/p>\n

Crypto Long Squeeze Triggers Liquidations<\/strong><\/h2>\n

Over a 24-hour period ending Friday, March 15th, the global cryptocurrency market capitalization shed a cool 6%. This triggered a wave of automated liquidations, particularly for investors holding leveraged long positions \u2013 essentially large bets on rising prices.<\/p>\n

Related Reading: Bitcoin Miners Brace For Impact As Difficulty Reaches Unprecedented Levels<\/a><\/div>\n

According to Coinglass, a crypto data analysis platform, over $800 million worth of long positions were liquidated<\/a> across the market. Bitcoin itself bore the brunt of the selling pressure, dipping as low as $67,000 \u2013 its lowest point in over a week.<\/p>\n

\"\"Liquidation heatmap in the 24-hour timeframe. Source: Coinglass<\/a><\/pre>\n
The pain wasn’t evenly distributed. Over one third of the liquidations, a total of $660 million, came from long positions on Bitcoin.<\/p>\n
Altcoin Bloodbath Follows Bitcoin’s Lead<\/strong><\/h2>\n
The tremors weren’t confined to Bitcoin. The correction spilled over to the altcoin market, with popular tokens like Cardano, Dogecoin, Shiba Inu, and XRP all experiencing significant price drops.<\/p>\n
This, in turn, triggered further liquidations for long positions held on these altcoins. XRP traders alone saw over $10 million liquidated, with nearly $11 million coming from long positions.<\/p>\n
<\/p>\n
Total crypto market cap is currently at $2.5 trillion. Chart: TradingView<\/a><\/pre>\n
Crypto Market Fights Back: Buying The Dip<\/strong><\/h3>\n
Despite the week’s fright, the overall sentiment in the crypto market remains surprisingly bullish. This is primarily fueled by the swift buying activity observed at key support levels as prices dipped.<\/p>\n
Bitcoin, the world’s most sought-after crypto asset, for example, has already staged a partial recovery, bouncing back to a little over $69,000<\/a> at the time of writing.<\/p>\n
Similar rebounds have been observed across several altcoins, suggesting that investors might be viewing this as a buying opportunity.<\/p>\n
Related Reading: Sell Sign Ignites Speculation: Solana Fate Hangs In The Balance?<\/a><\/div>\n
This correction can be seen as a healthy market reset after a strong rally, some analysts say. While some leveraged positions got burned, the fact that investors are stepping in to buy the dip indicates continued confidence in the long-term potential of cryptocurrencies.<\/p>\n
A Continued Balancing Act<\/strong><\/h3>\n
The weekend’s events serve as a microcosm of the ongoing struggle within the crypto market. On one hand, there’s a growing sense of institutional adoption and mainstream acceptance, fueling a bullish sentiment.<\/p>\n
On the other, the inherent volatility of crypto assets continues to pose a challenge, with sudden price swings capable of inflicting significant losses on unsuspecting investors.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The recent market plunge has sent shockwaves through the crypto industry, resulting in hundreds of millions in dollars being wiped out in a matter of hours. The price of Bitcoin has retreated violently to a weekly low of $67,500 after a few days of showing remarkable advances and setting new all-time highs. The altcoins have experienced a significant decline as well, resulting in nearly 200,000 traders making liquidations during the last 24 hours. The weekend brought a tremor to the cryptocurrency market, with a sudden price correction causing short-term panic and hundreds of millions in liquidated positions. However, despite the wobble, analysts are divided on whether this signifies a broader market shift or a mere blip on the bullish radar. Crypto Long Squeeze Triggers Liquidations Over a 24-hour period ending Friday, March 15th, the global cryptocurrency market capitalization shed a cool 6%. This triggered a wave of automated liquidations, particularly for investors holding leveraged long positions \u2013 essentially large bets on rising prices. Related Reading: Bitcoin Miners Brace For Impact As Difficulty Reaches Unprecedented Levels According to Coinglass, a crypto data analysis platform, over $800 million worth of long positions were liquidated across the market. Bitcoin itself bore the brunt of the selling pressure, dipping as low as $67,000 \u2013 its lowest point in over a week. Liquidation heatmap in the 24-hour timeframe. Source: Coinglass The pain wasn’t evenly distributed. Over one third of the liquidations, a total of $660 million, came from long positions on Bitcoin. Altcoin Bloodbath Follows Bitcoin’s Lead The tremors weren’t confined to Bitcoin. The correction spilled over to the altcoin market, with popular tokens like Cardano, Dogecoin, Shiba Inu, and XRP all experiencing significant price drops. This, in turn, triggered further liquidations for long positions held on these altcoins. XRP traders alone saw over $10 million liquidated, with nearly $11 million coming from long positions. Total crypto market cap is currently at $2.5 trillion. Chart: TradingView Crypto Market Fights Back: Buying The Dip Despite the week’s fright, the overall sentiment in the crypto market remains surprisingly bullish. This is primarily fueled by the swift buying activity observed at key support levels as prices dipped. Bitcoin, the world’s most sought-after crypto asset, for example, has already staged a partial recovery, bouncing back to a little over $69,000 at the time of writing. Similar rebounds have been observed across several altcoins, suggesting that investors might be viewing this as a buying opportunity. Related Reading: Sell Sign Ignites Speculation: Solana Fate Hangs In The Balance? This correction can be seen as a healthy market reset after a strong rally, some analysts say. While some leveraged positions got burned, the fact that investors are stepping in to buy the dip indicates continued confidence in the long-term potential of cryptocurrencies. A Continued Balancing Act The weekend’s events serve as a microcosm of the ongoing struggle within the crypto market. On one hand, there’s a growing sense of institutional adoption and mainstream acceptance, fueling a bullish sentiment. On the other, the inherent volatility of crypto assets continues to pose a challenge, with sudden price swings capable of inflicting significant losses on unsuspecting investors. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":598178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[134,428,6664,2888,4735],"class_list":["post-598167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-altcoin","tag-bitcoin","tag-crypto","tag-market-analysis","tag-price-action"],"acf":[],"yoast_head":"\nCrypto Carnage: Over $800 Million Wiped Out In Market Plunge<\/title>\n<meta name=\"description\" content=\"The recent market plunge has sent shockwaves through the crypto industry, resulting in hundreds of millions in dollars being wiped out in a matter of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Carnage: Over $800 Million Wiped Out In Market Plunge","url":"http:\/\/wncen.com\/news\/crypto-carnage-over-800-million-wiped-out-in-market-plunge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-carnage-over-800-million-wiped-out-in-market-plunge\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_bb2a2c.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/03\/a_bb2a2c.jpg?fit=4926%2C3263"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","bitcoin","crypto","market analysis","price action"],"dateCreated":"2024-03-16T11:00:43Z","datePublished":"2024-03-16T11:00:43Z","dateModified":"2024-03-16T12:02:45Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Carnage: Over $800 Million Wiped Out In Market Plunge\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-carnage-over-800-million-wiped-out-in-market-plunge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-carnage-over-800-million-wiped-out-in-market-plunge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_bb2a2c.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/a_bb2a2c.jpg?fit=4926%2C3263\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"bitcoin\",\"crypto\",\"market analysis\",\"price action\"],\"dateCreated\":\"2024-03-16T11:00:43Z\",\"datePublished\":\"2024-03-16T11:00:43Z\",\"dateModified\":\"2024-03-16T12:02:45Z\"}<\/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\/2024\/03\/a_bb2a2c.jpg?fit=4926%2C3263","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598167"}],"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\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=598167"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/598167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/598178"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=598167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=598167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=598167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}