Crypto Market Sees Red With $350M in Liquidations Over 12 Hours

The crypto market correction is underway as millions in liquidations occurred during the Monday morning Asian trading session.

Crypto Leverage Flushout

There has been $354 million in crypto liquidations over the past 12 hours according to Coinglass. The vast majority were long positions with around $313 million in liquidations.

Furthermore, the total over the past 24 hours is a little over $400 million in liquidations, with 117,770 traders liquidated, as reported by Coinglass.

Crytpo liquidations. Source: Coinglass

Bitcoin prices are down 4.4% daily, with the asset falling to $41,926 at the time of writing. BTC slumped almost 5% in less than two hours, hitting an intraday low of $41,783 from an intraday high of $44,000.

The asset appears to have found support at current levels as a seldom-seen “Bart chart” formation forms. The next leg down would take BTC prices to $39,500.

Crypto trader “RamenPanda” said, “I told you about flash dumps repeatedly. Now dump is completed.”

“It will take a long period of chops for Bitcoin to resume uptrend,” he added before predicting that altcoins would start moving now.

Others have suggested that this was just a leverage flushout. “This was 100% planned and orchestrated move to liquidate high-leveraged gamblers,” said crypto trader “ImNotTheWolf.”

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Moreover, there is a busy week ahead on the US economic calendar. Fed meetings and inflation data usually result in higher market volatility which we could already see this week.