Crypto liquidations hit $1B as traders were ‘unprepared for bad news
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More than $1 billion has been liquidated in the crypto market over the past 24 hours as market participants were caught off guard by the strong momentum for crypto over the past 30 days.
However, the analyst suggests the market downturn may be short-lived.
“We’ve had such a bullish narrative over the last month that the market was completely unprepared for bad news. Now we’re seeing indiscriminate selling,” Swyftx lead analyst Pav Hundal told Cointelegraph.
‘Short-term angst,’ says analyst
“It’s not the start of the Christmas run-in we’d hoped for. But it looks like short-term angst,” Hundal said.
On Dec. 19, approximately $1.02 billion was liquidated from the crypto market within 24 hours, of which around $856.66 million was long positions, according to CoinGlass data.
Over the same period, Bitcoin
BTC
tickers down
$97,064
fell 3.36%, back down below the $100,000 psychological level.… 0 reply
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