The encryption market sees $ 685 million, as BTC and ETH face heavy sales pressure – Cryptomode

The encryption market has witnessed a major event for liquidation, as more than $ 685 million has been eliminated during the past 24 hours.

According to the latest data, ETHEREUM led the qualifiers with $ 146.84 million, followed by Bitcoin’s closeness with $ 142.39 million, and Solana at $ 83.30 million.

This acute stagnation in the market has caused more than 251,000 traders facing forced qualifiers, indicating a high level of cranes in the main stock exchanges. Long positions were the majority of liquidation, with $ 615.53 million, compared to only $ 70.20 million in short pants.

Bitcoin and ethereum market declines

The Bitcoin price has decreased by 2.6 % in the past 24 hours, as it was currently trading at 93,260 dollars, after failing to maintain support levels exceeding 94,700 dollars, where a major filtering group is operated. Reduced average average average selling pressure for 50 days, which increases volatility.

Ethereum witnessed a sharp decrease, decreased by 8.3 % in 24 hours, and currently trading about $ 2568. The ETH acute sales process contributed significantly to the total liquidation volume, with financing rates turning into negative, indicating a shift in market morale. Solana also faced great pressure for sale, as it decreased by 13.5 %, making it one of the worst assets between the best encryption.

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What drives the market decline?

Unlike previous fluctuations, the total economic factors were not the main operator. With the lack of major economic reports such as CPI or FOMC meetings, the decline is driven by a set of liquidation, financing rate transformations, and investor morale.

The BYBIT, which led to a loss of $ 1.4 billion, also contributed to uncertainty. Although it is not the main reason for sale, it emphasizes the increasing concerns about the security risks in the encryption markets, especially since institutions evaluate the risk of the opposite party.

Bybit has seen the largest filtering volume between the stock exchanges, with $ 141.80 million in the filter, followed by Binance at $ 60.05 million. Open interest data (OI) reveals a remarkable decrease, as CME futures decreased by 2.69 % in OI, while Binance has seen 7.69 %, indicating that some traders are re -placed for potential repercussions.

Meanwhile, traders closely monitor Eth Denver, a major conference for Web3, for potential Saudi stimuli. Historically, these events have sparked advertisements that drive momentum in specific projects. However, in the current declining climate, even positive news may struggle to change feelings.

With financing rates turning to the fluctuation of negative and slightly open benefits, traders are now looking at the main support levels. If Bitcoin is more than 92,500 dollars, we may see an installation of price movement. However, if the pressure pressure continues, the deeper decline in $ 90,000 is still a possibility.

Currently, the market is still volatile, as traders adjust strategies in the continuous Shakeout. With references calming, attention will turn into possible recovery signals and whether the bulls can restore the lost ground.

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