Crypto Market Correction: Whale Dump Triggers Price Decline
The crypto market is experiencing a correction, and a recent whale dump has added fuel to the fire. On September 30, 2024, a whale wallet address “0xcDe” dumped $59.15 million worth of cryptocurrencies on Binance. This includes 33.11 million USDT, 8,488 ETH, 7,348 SOL, 33,000 AVAX, and 1.5 million FDUSD. This dump occurred ahead of Jerome Powell’s speech and the opening bell of the US stock market.
Market Sentiment
The overall market sentiment is currently negative. Major cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), Solana (SOL), and Ethereum (ETH) have experienced price declines of over 3.5%, 4.5%, 2%, and 2.3%, respectively, in the past 24 hours.
Liquidations
The price decline has resulted in liquidations of nearly $200 million worth of long and short positions in the past 24 hours. The largest single liquidation occurred on Binance in the BTC/USDT pair, reaching $1.61 million. Data from Coinglass reveals that bulls are being hit hard, with $42 million in liquidations from long positions in BTC and $25 million in ETH. Meanwhile, bears have liquidated $7.7 million in BTC and $4.8 million in ETH.
The current market situation is causing concern among investors. It is crucial to stay informed and monitor the market closely.
