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$140 million liquidated in the last 24 hours despite the lackluster crypto market price action


May 2, 2022 · By Muhammad Awwal
Bitcoin (BTC)

Bitcoin pricing was quite volatile in the past week, regularly breaching beyond $40,000, but things have since calmed down in the last 48 hours, and the flagship cryptocurrency has been trading within a narrow range. 

As traders take a breather from the previous busy week, Bitcoin has been trading on Bitstamp between a six-week low of $37,400 to 39142, according to TradingView, a range of less than $2,000.

The majority of big cryptocurrency prices remain around the same as they were 24 hours ago, with the exception of a handful that are down a few percent due to the market’s tumultuous price movement being trapped in a range. 

According to coinglass statistics, the sideways market price action has resulted in identical liquidation of both long and short orders, though short orders liquidation outnumbers long orders by 56.87 percent. 

51,882 traders have liquidated their short positions across the cryptosphere in the previous 24 hours, bringing the total amount liquidated to about $142.84 million, a sum significantly lower than in recent days.

There are no clear indications as to what will happen in traditional markets in the coming days, with which Bitcoin has been moving in lockstep, and which will undoubtedly affect Bitcoin’s course, so keep an eye on it and manage your portfolio carefully.

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