bullish

2024

Bitcoin

Read

The cryptocurrency market witnessed a sudden dip earlier today, causing a significant increase in the amount of liquidations. But the downtrend seems to be fading away. 
According to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">data</a> provided by CoinGlass, over $178 million have been liquidated from the crypto market over the past 24 hours, marking a 292% increase. Bullish traders, holding long positions, witnessed most of the losses, worth $153 million. 
The total open interest in the crypto ecosystem declined by 2% in the past 24 hours and is currently hovering at $55 billion. 
Data shows that most of the liquidations were executed in retail traders’ positions. The largest single liquidation, worth $2 million, happened on the OKX exchange. 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>) is leading the chart with $55 million in liquidations followed by Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) $35 million.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/ckb-skyrockets-111-in-a-week-following-upbit-listing-hits-highest-level-since-june/"> CKB skyrockets 111% in a week following Upbit listing, hits highest level since June </a> 
The massive liquidations brought a dip to the crypto market. The global cryptocurrency market capitalization declined by 3.6% in the past 24 hours and is sitting at $2.14 trillion, according to data from CoinGecko. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1566" height="571" src="https://crypto.news/app/uploads/2024/09/Screenshot-2024-09-16-141919.png" alt="$178m liquidated, but the pullback seems to be over - 15" class="wp-image-14298056">
 <figcaption class="wp-element-caption">
 Crypto market cap – Sept. 16 | Source: <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">CoinGecko</a>
 </figcaption>
</figure> 
Bitcoin dropped to an intraday low of $58,150 but soon regained momentum to the $59,000 mark. 
According to CryptoQuant, the number of Bitcoin addresses depositing into exchanges has dropped to 132,100 — a level last seen in 2016. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> Exchange Depositing Addresses at Its Lowest Level Since 2016 “A low value suggests a decrease in the number of investors selling coins on spot exchanges, potentially indicating a reduction in selling pressure.” – By <a href="https://twitter.com/CryptoOnchain?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@CryptoOnchain</a> Read more 👇<a rel="nofollow" href="https://t.co/8S775z2oue" target="_blank">https://t.co/8S775z2oue</a> <a rel="nofollow" href="https://t.co/dQ0K1lss7K" target="_blank">pic.twitter.com/dQ0K1lss7K</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1835607392051937645?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 16, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
The indicator shows that the number of holders selling BTC has significantly decreased. This will, consequently, hint at a declining selling pressure and lower price volatility. 
Per a crypto.news report on Sept. 15, over $1.3 billion worth of BTC <a href="https://crypto.news/1-3-billion-bitcoin-left-exchanges-bulls-losing-60k/" target="_blank">left centralized exchanges</a> last week. Bitcoin’s on-chain movements and indicators show a potential <a href="https://crypto.news/crypto-analysts-bitcoin-price-primed-bullish-breakout/" target="_blank">bullish momentum</a>. 
However, macro events could still shift the market direction despite the bullish investor sentiment. 
 Read more: <a rel="" href="https://crypto.news/avalanche-backed-borrowing-protocol-deltaprime-suffers-4-5m-hack/"> Avalanche-backed borrowing protocol DeltaPrime suffers $4.5m hack </a>

$178m liquidated, but the pullback seems to be over

crypto.news

Other articles published on Sep 16, 2024

Texas Residents Protest Against Power Plant Expansion for Bitcoin Mining

Could The BRICS Currency Really Overturn The Dollar?

Polkadot (DOT) Surges 9%, Holding Steady Above $4.50

Invest $1,000 in These 5 Cryptos to Secure a $2 Million Portfolio by 2025

Bitcoin Frontier Fund, Stacks Foundation, and Tokensoft Partner To Help Bitcoin Builders Get To M...

Binance founder CZ is getting out of jail in 13 days

Join our free newsletter for daily crypto updates!