The crypto market saw over $300M in liquidations after prices retraced. Market greed and macro factors have been attributed to the drop.
, the futures market experienced $320 million in liquidations at the time of writing. Traders with long positions experienced the most losses with $285 million liquidated.
This comes amid a drastic price drop that saw the total crypto market cap tank by 6.7%. All the top 50 cryptos by market cap were also trading in the red.dropped by 6% to hit a weekly low of around $58,000. It has recovered slightly to trade at $59,430 at the time of writing.attributed the liquidations to market greed after longs increased their positions following the 25th August rebound. This stirred a massive spike in funding rates, which were bound to get liquidated.
The Chaikin Money Flow was negative at press time, suggesting selling pressure. The CMF showed that buying pressure started weakening after the weekend rally. Therefore, there have not been enough buyers to drive the price action.The bearish thesis is further confirmed by the Directional Movement Indicators . The positive DI is far below the negative DI, which shows that the bearish trend is stronger than the bullish trend.
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