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<p>The post <a href="https://coinpedia.org/news/crypto-market-crash-amid-300m-liquidation-surge-and-oi-crash/">Crypto Market Crash Amid $300M Liquidation Surge and OI Crash</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Amid the broader correction, Bitcoin and altcoins have registered a downfall. With buyers failing to hold onto critical levels, the crypto market is witnessing long-side liquidations and a massive shift in underlying sentiments toward bearishness.&nbsp; Let’s take a closer look at the on-chain data of the crypto market to find the bottom of the crash.</p> 
<h2 class="wp-block-heading" id="h-liquidations-on-the-rise">Liquidations On The Rise</h2> 
<p>Coming to the liquidations, the crypto market witnessed a massive surge alongside liquidations. The total crypto market witnessed a surge of $281 million alongside liquidations, with $32 million on the short side.</p> 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="432" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512.png" alt="Total Liquidations Chart" class="wp-image-343708" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512-300x81.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512-1024x276.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512-768x207.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512-1536x415.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-512-150x41.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
 <figcaption class="wp-element-caption">
  <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener">Coinglass</a>
 </figcaption>
</figure> 
<p>Hence, with more than $300 million worth of positions being liquidated, the volatility has surged amid the crypto market crash. Over the past 24 hours, Ethereum has registered $103 million liquidations, Bitcoin $96.49 million, Solana $12.11 million, and $37.58 million in other altcoins.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" width="913" height="436" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-513.png" alt="Liquidations" class="wp-image-343709" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-513.png 913w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-513-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-513-768x367.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162504/image-513-150x72.png 150w" sizes="(max-width: 913px) 100vw, 913px">
</figure> 
<h2 class="wp-block-heading" id="h-the-open-interest-crash-nbsp">The Open Interest Crash&nbsp;</h2> 
<figure class="wp-block-image">
 <img decoding="async" width="1554" height="567" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514.png" alt="Open Interest Crash" class="wp-image-343710" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514.png 1554w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514-300x109.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514-1024x374.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514-768x280.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514-1536x560.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-514-150x55.png 150w" sizes="(max-width: 1554px) 100vw, 1554px">
 <figcaption class="wp-element-caption">
  <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener">Coinglass</a>
 </figcaption>
</figure> 
<p>Since March 2024, the highly volatile sideways movement within a huge price range in Bitcoin resulted in an equally volatile Open Interest. At present, the crypto market crash comes with a sharp fall in the Bitcoin open interest from $34.72B to $30.79B in just three days.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-matrixport-waits-to-siren-sell-signal">Matrixport Waits To Siren Sell Signal</h2> 
<p>In a recent tweet from<a href="https://x.com/Matrixport_EN/status/1828694382339633338" target="_blank" rel="noreferrer noopener"> Matrixport</a>, a report suggests that the ongoing crash lacks any significant news to trigger the motion. Hence, the downfall comes with the long-liquidations in a low liquidity market.&nbsp;</p> 
<p>As of now, BTC sustains the $59K support level, and the bulls might not have to worry as long as they hold this level.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-stablecoins-market-cap-hits-166b">Stablecoins Market Cap Hits $166B</h2> 
<p>With the increasingly volatile market, the Stablecoins market cap hits a record high of $166 billion.&nbsp;The increase in the stablecoins market cap is often a signal of an upcoming surge in Bitcoin and altcoin prices. Hence, the chances of a recovery from the sudden crypto market crash are high, based on the historical trend of stablecoins market cap.&nbsp;</p> 
<figure class="wp-block-image">
 <img decoding="async" width="1600" height="535" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515.png" alt="Stablecoins Market Cap" class="wp-image-343711" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515-300x100.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515-1024x342.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515-768x257.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515-1536x514.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28162505/image-515-150x50.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
 <figcaption class="wp-element-caption">
  <a href="https://cryptoquant.com/analytics/query/668eeacf1fe1d9469fe21238?v=66c3a3ec1dad4a62a5d47906" target="_blank" rel="noreferrer noopener">Cryptoquant</a>&nbsp;
 </figcaption>
</figure> 
<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2> 
<p>In conclusion, the recent crypto market crash, with $300 million in liquidations and a crash in open interest, increases the bearish sentiments. However, Bitcoin holds tight to the $59K support level, providing a glimmer of hope for bulls.&nbsp;</p> 
<p>Additionally, the surge in the stablecoins market cap to $166 billion suggests potential recovery opportunities, as historically, such increases often precede upward movements in crypto prices.</p> 
<p>Also, read our <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin Price Prediction 2024-2030</a>&nbsp;&nbsp;</p>

Crypto Market Crash Amid $300M Liquidation Surge and OI Crash

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