Crypto markets retreat after liquidation of $737 million
The post Crypto markets retreat after liquidation of $737 million appeared on BitcoinEthereumNews.com. The recent crypto rally that commenced mid-July appears to be cooling off as top 10 market cap ranked assets including Bitcoin, Ethereum, XRP, and Solana are all trading in the red. A broad market correction is currently underway, against the backdrop of $737 million worth of liquidations and signs of fading retail enthusiasm. Data from CoinGlass shows that at the start of Thursday’s Asian market session, more than 243,000 traders were liquidated, totaling over $737 million in value. 85.3% of the liquidations were long positions, forcing the overly bullish positions among retail traders out of the market. 24-hour crypto liquidations. Source: CoinGlass. Ethereum traders were the biggest liquidation losers heading into Thursday, having lost $198 million to the derivatives market. The asset was followed by XRP, BTC, and SOL, which counted $115, $84, and $58 million in liquidations, respectively. Julio Moreno, head of research at CryptoQuant, believes altcoins Ethereum, XRP, and Solana may now enter a short-term correction phase. Bitcoin enters consolidation phase after failing to break $124K barrier Bitcoin (BTC) briefly surged past $123,000 on July 14 to record a new all-time high. However, since the start of the business week, the asset began consolidating in the $116,000–$120,000 range, where it has been stuck for several days. Santiment’s on-chain social data suggests that retail sentiment has cooled significantly. During the June 22 Iran-U.S. airstrike news cycle, fear and uncertainty created what analysts dubbed an “optimal time to buy,” with social volume spiking around lower BTC price mentions. But following the new high on July 14, elevated mentions of $130K–$160K price levels indicate exuberance, often seen at market tops. Retail Bullish Sentiment chart. Source: Santiment Feed. By July 19, crowd sentiment had already begun to doubt further upside following the breach of May’s high. Still, if BTC closes above $120,000…
The post Crypto markets retreat after liquidation of $737 million appeared on BitcoinEthereumNews.com.
The recent crypto rally that commenced mid-July appears to be cooling off as top 10 market cap ranked assets including Bitcoin, Ethereum, XRP, and Solana are all trading in the red. A broad market correction is currently underway, against the backdrop of $737 million worth of liquidations and signs of fading retail enthusiasm. Data from CoinGlass shows that at the start of Thursday’s Asian market session, more than 243,000 traders were liquidated, totaling over $737 million in value. 85.3% of the liquidations were long positions, forcing the overly bullish positions among retail traders out of the market. 24-hour crypto liquidations. Source: CoinGlass. Ethereum traders were the biggest liquidation losers heading into Thursday, having lost $198 million to the derivatives market. The asset was followed by XRP, BTC, and SOL, which counted $115, $84, and $58 million in liquidations, respectively. Julio Moreno, head of research at CryptoQuant, believes altcoins Ethereum, XRP, and Solana may now enter a short-term correction phase. Bitcoin enters consolidation phase after failing to break $124K barrier Bitcoin (BTC) briefly surged past $123,000 on July 14 to record a new all-time high. However, since the start of the business week, the asset began consolidating in the $116,000–$120,000 range, where it has been stuck for several days. Santiment’s on-chain social data suggests that retail sentiment has cooled significantly. During the June 22 Iran-U.S. airstrike news cycle, fear and uncertainty created what analysts dubbed an “optimal time to buy,” with social volume spiking around lower BTC price mentions. But following the new high on July 14, elevated mentions of $130K–$160K price levels indicate exuberance, often seen at market tops. Retail Bullish Sentiment chart. Source: Santiment Feed. By July 19, crowd sentiment had already begun to doubt further upside following the breach of May’s high. Still, if BTC closes above $120,000…
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