Crypto News – The global cryptocurrency market value fell 5.17% to $1.55 trillion following a huge selloff in Asian hours.
Crypto Market Selloff Begins, Many Cryptocurrencies Fall in Price
The price of Bitcoin fell by 4.89% during this period, and within minutes, significant selling was seen in popular altcoins like Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), DOGE, and SHIB. The crypto fear and greed index drops from 82 to 80.
As the cryptocurrency market kept rising, traders anticipated a reversal. Well-known Bitcoin analyst Willy Woo stated that a correction is not shocking because the price of Bitcoin increased in just two months with no dips. Particularly during periods of excessive greed and significant macro developments, corrections and pullbacks are essential for validating subsequent rallies.
CoinGlass Data Shows Significant Liquidation Today
This week could see a correction, as CoinGape initially cautioned. More declines in the price of bitcoin are anticipated because a possible rally would require closing the $39.7K Bitcoin CME Gap. On CME, about 5%, and on Binance, about 8%, of the open interest (OI) is liquidated.
In addition, CoinGlass data indicates that today, December 12, there was a significant liquidation of approximately $400 million. $354 longs were liquidated on the market in less than one hour. The biggest single liquidation order on OKX’s BTC-USDT-SWAP was valued at $8.23 million, and in the past 24 hours, over 119K traders were liquidated. Today, the cryptocurrency market is down due to selling and closing positions.
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