Global digital asset markets are bathed in a sea of red today as selling pressure mounts. The cumulative market cap fell by 2.78%, a loss of around $30 billion over the past day. However, the continued decline has sparked a mass liquidation of top digital assets.
Based on data provided by Coinglass, the total liquidity recorded in the last 24 hours amounted to around $144.71 million. The largest liquidity took place at OKX crypto exchange BTC-USDT-SWAP value of $2.61 million.
Increased market volatility has affected both long and short futures traders. $114 million of the total liquidity (79.28%) turned out to be a 'long position'. This illustrates that traders expect a recovery here while the market declines.
Bitcoin (BTC), the world's largest crypto price has experienced a continuous decline over the past 7 days. The price of Bitcoin fell by almost 10% during this period. BTC traded at an average price of $26,403.12. Its 24-hour trading volume fell 8% to $42.7 billion.
This drop in Bitcoin price comes as it regains the important $30K level after entering 2023 trading around $16K. However, Bitcoin dominance is down by 0.61% throughout the day at 46.31%.
Based on Coinglass data, Bitcoin option traders are having a tough time as BTC liquidations hit $50 million in the past 24 hours.
So far BTC price is still holding the 100 MA support level at around $26k and also paying attention to the $27k resistance level.
