Correction in cryptocurious causes long liquidations for USD $ 500 million

By Hannah Pérez

ETH falls 3% in the middle of a broader pricing in the cryptocurrency market that is affecting the bulls. More than 200,000 individual operators faced the sudden closure of their positions.

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• ETH falls 3% in the midst of a broader pricing in the cryptocurrency market.
• The correction causes liquidations for around USD $ 500 million long positions.
• More than 200,000 individual operators faced the sudden closure of their positions.
• While they lose 9%, Bitcoin remains relatively stable around USD $ 118,000.

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The main cryptocurrencies are taking a turn after a meteoric pricing at the beginning of the week, which has caused a sudden waterfall of long liquidations for around USD $ 500 million.

Ethereum (ETH), the second largest digital currency in the world for market capitalization, has retreated more than 3% in the last 24 hours towards a price level of USD $ 3,576, since it emerged above $ 3,800 during the weekend.

Other main Altcoinslike XRP, Dogecoin (Doge) and Cardano (ADA), reflect even greater than 8-9% in the period, with USD $ 3.21, USD $ 0.24 and USD $ 0.80, respectively at the edition time, according to data from data from data from Coinmarketcap.

The price of Solarium (Sun) has decreased 6.7% to negotiate slightly below USD $ 190. While, Binance Coin (BNB) is located at USD $ 768 after a new high -price historical record of USD $ 800 on Tuesday night has broken.

Although Bitcoin (BTC) remains relatively stable compared, with a fall of just 1.2% in 24 hours, and some of its peers in the market still reflect profits in weekly terms, the wide bear trend of Tuesday has currently translated into a loss of 2.4% for the total capitalization of the cryptocurrency market in the day.

The data of Coinglass They suggest that the sudden price reverse surprised the bulls, since about USD $ 490 million in long positions (bullish bets) of cryptocurrencies have been liquidated since yesterday at this time.

In the last 24 hours, 205,740 individual operators have faced liquidationswith the total liquidations (short and long) emerging over the USD $ 607.5 million, according to the aforementioned source of data.

Ether Face the worst liquidation in a 3% drop.

The operators of Ethereum They are the most affected, with USD $ 130 million of liquidations in the day. Of that total, more than USD $ 26 million have occurred in the last 60 minutes, with most of the weight put in long positions. The largest individual settlement order in 24 hours occurred in the exchange Binancewith a value of 3.97 million dollars for the ETH/USDT torque.

Cryptocurrency settlements occur when a Exchange It necessarily closes an leverage (long or short) position of a merchant because it cannot meet the margin requirements, often due to adverse prices movements.

Until the beginning of the week, Ether He had experienced a continuous rebound in the graphics, largely driven by strong institutional demand. Public companies such as Sharplink Gaming and Bitmine They have been buying ETH aggressively in recent weeks as they rush to form treasury strategies focused on the second largest cryptocurrency.

Also the funds quoted in the stock market (ETF) of Ethereum In cash in the US, they have been seeing a sustained input flow, an institutional appetite signal. On Tuesday, the ETFs with exposure to ETH extended their ticket streak for 13th, during which they have broken new daily records and attracted near USD $ 5 billion, according to data from data from Sosovalue.

Bitcoin stable in the middle of macro developments

The immediate reversal of prices in the cryptocurrency market occurred after a commercial agreement between the United States and Japan, which has been described as “Maybe the greatest agreement ever made“In commercial terms with that Asian country.

President Donald Trump announced the commercial agreement with Japan on social networks, saying that he will allow the East Country to invest USD $ 550 billion in the United States, while facilitating the trade of cars and agricultural products between the two countries. Stock markets went up with the news and Bitcoinon the contrary, he became bassist.

Earlier on Wednesday, the reports advanced that the US is close to completing a 15% rate agreement with the European Union. Meanwhile, in other news, lThe sales of housing in the United States fell in June while prices reach a historical maximum. The fall of 2.7% month to month in sales far exceeded the expectation of 0.7%, he reported CNBC.

There are still no reasons to believe that the price drop on Wednesday will extend beyond a short -term correction, although macro developments could continue to mold market prices action in the near future.

Bitcoin It records a slight variation close to 1% in the last 24 hours, changing hands around USD $ 118,000 at the time of publishing this article. Its price is 4% below its historical maximum of $ 123,000 conquered last Monday.

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Hannah Estefanía Pérez / Diariobitcoin

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