As May dawns, the crypto market remains ensnared in a bearish grip, inflicting substantial losses on traders. Data from Coinglass indicates that a staggering 141,808 traders faced liquidation in the past day, collectively losing over $479 million across various assets.
The most significant single-trader liquidation, valued at $6.07 million, unfolded on the OKX exchange. This substantial loss adds to the nearly half-billion-dollar fortunes wiped out amidst Bitcoin's recent volatility.
Bitcoin's journey epitomizes the market turmoil, with its value plunging from a high of $62,121 to a low of $56,555 within 24 hours. This abrupt downturn has left crypto enthusiasts reeling from significant losses.
Crypto bulls bore the brunt of the losses, with over $401 billion evaporating in a single day, compared to shorters' relatively modest $63 million losses. Bitcoin optimists suffered the most, with $150 million liquidated, closely followed by Ethereum investors, who incurred $107 million in losses. Notable liquidations were also observed in assets like Solana (SOL) and Dogecoin (DOGE).
Crypto Liquidations | Coinglass
Bitcoin's retracement to the $56K range echoes sentiments from the April 19 halving event, where intense selling pressure saw it plummet from its recent all-time high of $73,850.
Market analyst Rekt Capital notes that Bitcoin's revisit to $56K marks the deepest retrace in the current bull cycle. Despite this setback, confidence persists among analysts that a bullish resurgence is imminent.
XRP faces liquidations totaling $1.32 million, predominantly affecting long positions. Market sentiment remains bearish, reflected in declining trading volume and open interest. Despite challenges, experts anticipate a bullish trajectory, advocating for accumulation as XRP trades at around $0.6.
EdmundGenesis seeks court approval to liquidate $1.6 billion in Grayscale Trust assets amidst bankruptcy, aiming to mitigate risks and maximize creditor returns amid market volatility.
BrianFTX, the troubled cryptocurrency exchange, abandons plans for revival, opting for liquidation to repay customers after failed negotiations. Despite pricing controversies, FTX strives for full repayment, prompting scrutiny from the UK crypto community and underlining the need for regulatory safeguards.
JoyEvergrande faces a critical liquidation hearing tomorrow, backed by key bondholders seeking to dissolve the debt-ridden giant. Uncertainty looms over share trading and asset sale, raising concerns about market impacts and potential repercussions for the broader construction industry.
SanyaTeam Liquid pioneers a transformative alliance with Illuvium, engaging in NFT collaboration and esports integration, marking a significant stride in the intersection of mainstream esports and Web3 gaming.
JasperHodlnaut creditors said they would prefer the company undergo liquidation after rejecting a restructuring proposal.
BeincryptoThe move, granted by a British Virgin Islands court in November, allows officials to seek restructuring advice.
CoindeskThe Ethereum co-founder had reportedly received about 5,000 ETH before making the deposit into Uniswap, where he swapped ETH for USDC.
Beincrypto
Singaporean law offers temporary protection against any legal proceedings and claims, which the company believes would provide a breathing space to focus on its recovery plan.
Cointelegraph