According to the latest crypto market correction data revelations, around $2.4 billion worth of crypto positions were liquidated in the past 24 hours amid the BTC fall. The cryptocurrency market witnessed a correction of around 10% as Bitcoin plunged below the level of $43K since February 2021 ultimately liquidating more than $2.4 billion worth of trading positions.
Crypto Market Correction Liquidates Traders
In accordance with the data published by leading crypto market analysts, nearly 304,000 crypto traders were liquidated amid heavy fluctuations in the market.
As revealed in the data, the largest liquidation order of the cryptocurrency took place on Huobi, standing at a total value of $90 million.
Moreover, the total market capitalization of the crypto market dropped below the mark of $2 trillion on Monday due to the fall in the price of leading cryptocurrencies. The recent plunge in the market is considered to be due to the latest tweet by Elon Musk as Bitcoin was termed as a centralized cryptocurrency by the CEO of Tesla.
Following the tweet by Elon Musk, the price of BTC dropped drastically and marked a loss of over $100 billion of its market capitalization in a matter of hours.
BTC Whales Making Moves Amid Price Fluctuations
Whale Alert, a crypto analytics platform released data revealing the total value of the transactions, which stands at around $400 million.
In addition to this, it was revealed that the Bitcoin whales moved 9,055 BTC to an unspecified wallet on May 16, Sunday at 21:32 UTC.
Santiment, a crypto analytics firm released a statement on Twitter that read:
“BTC’s and ETH’s recent dips are leading to some stagnancy in the dormant coin movement that has really propelled the historic bull run crypto has experienced.”
Large addresses are moving Bitcoin from leading crypto exchanges to cold storage and wallets as the supply of Bitcoin and Ethereum at the crypto exchanges is reducing since the beginning of the year.