Cryptocurrencies extended their sell-off in the early Thursday session, leading to nearly $976 million in liquidations on a 24-hour basis, according to CoinGlass data.
A sharp pullback across the crypto markets saw bulls bearing the brunt, with $840.93 million in long positions liquidated in the last 24 hours.
Crypto liquidations occur when leveraged positions are force-liquidated, owing to a price move that exceeds a trader's margin threshold.
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Traders analyze liquidation data to determine market sentiment and positioning. Large, long liquidations frequently indicate panic bottoms, whereas short liquidations may precede a squeeze.
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The sell-off, likely triggered by the unwinding of leveraged bullish positions, resulted in significant losses for major cryptocurrencies. XRP, Dogecoin, Stellar, Hedera (HBAR) and PEPE all fell by more than 10%, while other cryptocurrencies such as Aptos, dogwifhat and Flare lost more than 15%.
The lack of a clear catalyst and profit-taking at critical resistance levels could have further exacerbated the sell-off.
Former Binance CEO "CZ" reacts
In a recent tweet, former Binance CEO Changpeng Zhao (CZ) responded to the market slump, which resulted in $976 million in crypto liquidations in the last 24 hours and the liquidation of 316,869 traders.
"Dip again," CZ asked, possibly indicating astonishment at the crypto market sell-off, before adding, "Keep building."
dip again. 😂
Keep building!
While the sell-off has sparked panic among some investors, CZ's calm, minimalist message echoes the veteran crypto mindset: price volatility is temporary, but building value is permanent.
The Binance founder's "keep building" mantra has become synonymous amid bearish market drops. Even during previous crypto downturns, CZ maintained a consistent message: downturns are a time to focus, not flee.
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