Crypto Quake Nearly 150000 Traders Hit by Margin Call Mayhem

Virtual currency market experiences significant volatility.
In the past 24 hours, the virtual currency market has seen substantial fluctuations. According to data from Infocast, Bitcoin has dropped from over $60,000, falling below the $57,000 mark to a low of $56,750 before gradually recovering to a high of $58,800. Currently, Bitcoin has again fallen below the $58,000 mark. Other cryptocurrencies have shown similar trends.
CoinGlass data reveals that in the last 24 hours, nearly 150,000 individuals have been liquidated in the virtual currency market, totaling approximately $411 million. The largest single liquidation occurred in Ethereum.
Market analysis attributes these fluctuations to increased virtual currency supply and recent actions by Binance.
Multiple bearish factors
On the news front, the latest minutes from the Federal Reserve’s monetary policy meeting indicate that most officials believe further data on inflation decline is needed before considering rate cuts.
Additionally, analysts suggest that recent actions by Binance, the world’s largest cryptocurrency exchange, may also impact market sentiment. Binance will cease trading services for six currency pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, LQTY/FDUSD, with revisions effective from July 5th. The company has not disclosed specific reasons for delisting but has noted it regularly reviews all listed spot trading pairs and may remove some due to low liquidity or other factors.
Simultaneously, Binance has recently added new trading pairs on its platform: WIF/BRL, ZK/USDC, and ZRO/USDC. Notably, these services are not available to customers residing in several countries and regions.
Since the beginning of the year, the exchange has implemented several similar changes. Last month, it halted trading services for ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB pairs. Several months ago, Binance terminated all transactions involving Monero (XMR), causing a significant drop in the popular privacy coin’s price.
Recent increases in virtual currency supply are also noteworthy. Public data indicates that in July, five new cryptocurrencies will be available for investment: 5thScape (5SCAPE), DarkLume (DLUME), Smog (SMOG), PlayDoge, and Pepe (PEPE).
Meanwhile, mining companies have recently been selling large amounts of Bitcoin. IntoTheBlock data shows that miners’ holdings of Bitcoin have dropped to the lowest level in 14 years. In June alone, miners sold over $2 billion worth of Bitcoin, marking the highest figure in over a year.
Part of the content is compiled from Securities Times.
Editor: Wan Jianyi
Proofreader: Liu Xingying
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