A look at today’s crypto market shows a widespread bearish collapse. Aside from sensational digital currencies like Threshold (T), the broader ecosystem has seen a total liquidation worth $223.43 million in the past 24 hours, according to data from Coinglass.
The liquidations are not unfounded, given that the price of Bitcoin has fallen 1.49% to set the price of the leading crypto-currency at $22,554.28. Nevertheless, Ethereum (ETH) recorded the biggest liquidations with about 55.74K ETH units worth approximately $86.12 million. Bitcoin liquidation was valued at 1.98K BTC units worth approximately $44.59 million.
The liquidations are global and feature some of the best performing digital currencies that have proven to be safe havens this year. One of them is the Aptos coin (APT), a Layer 1 protocol that grew more than 94 percent last week. According to CoinGlass liquidation data, Aptos is the third most liquidated currency with over 721.81K APT units worth $9.79 million.
The industry outlook shows that bears are working to erase the valuation increase experienced by most cryptocurrencies since the beginning of the year.
How are the bulls responding?
Liquidations are not an unusual phenomenon in the crypto ecosystem, and based on observations, market bulls are using them as a springboard to stack their bags. Based on the premise that periods of price collapse are the best time to accumulate, we may start to see intense accumulation at key resistance points in some of the most liquidated digital currencies.
With BitMEX, Binance, OKX and Huobi appearing as the exchanges where the most liquidations have taken place, there is a good chance that market investors will also choose to boost their return to trading.