Crypto Market Sees $298 Million in Liquidations as Bitcoin Price Struggles

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The crypto market is facing another wave of turbulence as its upward trend faces resistance. The total market capitalization has fallen to $3.15 trillion, and Bitcoin (BTC) has dropped to $95,705, causing a ripple effect throughout the market. This decline has triggered massive liquidations, wiping out nearly $298 million in just 24 hours, leaving traders on edge.

Over 110K Traders Liquidated

According to data from Coinglass, more than 110,705 traders faced liquidations due to the latest market downturn. The total liquidation amount reached $298 million, with long trades suffering the most. 

Out of the total, $206 million came from liquidated long trades, while short positions accounted for $92 million. The largest single liquidation took place on Binance, where a massive $7.5 million trade was wiped out.

Meanwhile, Binance

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also saw the highest number of liquidations, totaling 38.67% or about $104.03 million. Other major exchanges, such as Bybit, OKX, and Gate.io, also saw big losses, with $50.18 million, $49.59 million, and $31.24 million, respectively.

Bitcoin Continues to Test Its Support Level

Bitcoin is currently facing a critical test at the $96,000 support level. If it fails to hold above this price, a deeper correction could follow, further shaking investor confidence. One of the key reasons for Bitcoin’s decline is the significant outflows from Bitcoin ETFs. 

However, data from Farside shows that Bitcoin ETFs saw an outflow of $129 million on February 18, adding more pressure to the asset.

As the market struggles continue, the Crypto Fear and Greed Index has dropped to 37, showing that traders are getting nervous. Many traders are now betting against Bitcoin’s recovery by opening short positions.

Also Read :   XRP, ADA, SOL and DOGE ETF Approvals: Bloomberg Analyst Weighs In, LTC ETF Approval by October?   ,

Altcoins Also Under Pressure

Bitcoin is not the only asset feeling the impact of the market downturn. Leading altcoins, including Solana (SOL), XRP, and Dogecoin (DOGE), have also suffered major price declines. 

The expectation surrounding exchange-traded funds (ETFs) for XRP and Solana has not been enough to stabilize their prices in the short term.

With uncertainty looming, traders are watching Bitcoin closely to see if it can hold its key support level.