- A certain trader in the crypto-leveraged market lost some $19 million when the correction happened
- The correction caused market-wide liquidations totalling over $1.08 billion, with the bulls accounting for more than 80% of the liquidations, or about $817 million.
- The single biggest liquidation order, totalling $19 million, was on OKX, a BTC-USDT-SWAP
On December 5, 2024, Bitcoin, the world’s largest cryptocurrency, crossed the $100,000 mark and hit a new all-time high of $104,000. The feat generated a lot of excitement around the world, especially in the crypto community. However, the price quickly corrected to trade below $100,000 hours later.
This correction did not just happen; it had consequences for enthusiastic traders. According to Coinglass data, as quoted by Nairametrics, a certain trader in the crypto-leveraged market lost some $19 million when the correction happened.
According to CoinGlass data, the correction caused market-wide liquidations totalling over $1.08 billion, with the bulls accounting for more than 80% of the liquidations, or about $817 million.
The single biggest liquidation order, totalling $19 million, was on OKX, a BTC-USDT-SWAP.
Many traders were over-leveraged, thinking that prices would keep rising, as evidenced by Thursday's price movement and high funding rates. But when the market turned and liquidations happened, the price fell precipitously.
The correction was dramatic and unexpected, as some experts, like Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, had predicted that Bitcoin would likely continue with its bull trajectory and end 2024 at $125,000.
But people like Gracy Chen, CEO of Bitget, had warned that after crossing the $100,000 mark, it would likely fall back to $74,000.
When TheRadar reported the historic all-time high on December 5, bitcoin was trading at $102,874. The coin’s market capitalisation increased by 7.18% to settle at $2.03 trillion, while the volume of trade had surged by 89.62% to settle at $128.70 billion.
But 24 hours later, as profit-taking intensified and the price cooled off more, the numbers looked different. At the time of writing, Bitcoin was eyeing $100,000, trading at $99,298, down 2.18% over the past day. The market capitalisation has moved below $2 trillion to settle at $1.97 trillion, down 2.23%, and the volume of trade has crashed by 13.81% to cool at $117.98 billion.
The correction has affected the entire market as the global crypto market capitalisation decreased by 0.66% to settle at $3.64 trillion, according to Coinmarketcap.
The total crypto market volume over the last 24 hours decreased by a massive 16.34% to settle at $302.12 billion.
How 9,200 crypto users lost $9.3 million to scammers in November
Meanwhile, TheRadar earlier reported that in November 2024, 9,200 crypto users lost $9.3 million in various crypto scams, including fraud and phishing. This is according to data released by ScamSniffer, a blockchain analytics platform.
ScamSniffer said the lost funds were in various cryptocurrencies, including WBTC. In a post on X, the analytics platform revealed that the most significant loss ever incurred by one person was $661,000 in stETH, a utility token called StETH. StETH is crypto token that represents an equivalent amount of Ethereum (ETH) that has been deposited to support blockchain operations.
