The digital asset market has, over the years, endured with the push and pull of the bulls, which has resulted in so many things for the sector. The major activities of traders in the sector are the ripple effect of what is happening in the market. The digital asset market has seen about $1.8 billion drawn out from several sectors in the one that took place recently. The liquidation’s major reason was because of the recent surge in the price of several digital assets. Leading the charge and creating the highs is Bitcoin, which recently touched well over $57,000.
Volatility still present in the market
In the celebrations of touching $57,000, the digital asset lost close to $3,000 to resume trading at around $54,000. While Bitcoin saw a sharp surge, some of the altcoins were at the receiving end as most of them crashed to record losses in the sector. Ethereum initially rose to clinch the $2,000 price mark, but the bulls were carried away as the bears fragged the market down to $1,800, signifying a 12% loss.
High-flying BNB was also left out in the cold to dry as the digital asset saw a massive loss of 23% after several highs spell in the last few days. Remittance coin XRP was also affected, with the digital asset jumping below in the market to post a loss of about 18%. After the loss suffered, most of them came back stronger, with the bull pushing them well above their previous price level.
Bitcoin, for example, now trades at around $57,900, leveling up and surpassing precious metal gold in the process. While some investors acted swiftly to take their profits, most investors posted losses due to the sharp way the market declined yesterday.
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The highest liquidation involved BNB
In the recent report by Bybit, close to $1.7 billion was withdrawn altogether from the sector after the decline happened yesterday. In 12 hours, the total was close to $900 million, signaling that the withdrawals cane when the decline occurred.
The research also said that the total amount of traders cashed in on their assets was around 215,000, while the highest liquidation saw close to $25 million liquidated from Binance. Not surprisingly, the individual cashed in on his entire stake of BNB.
