The cryptocurrency market is currently experiencing a significant price correction, and it seems that a market crash may be on the horizon. On September 30, 2024, a whale wallet address, identified as “0xcDe,” offloaded $59.15 million worth of cryptocurrencies to Binance, the world’s largest cryptocurrency exchange. This event was reported by on-chain transaction tracker TheDataNerd.
Whale Dumps $60 Million of Crypto
According to the report, the whale dumped a substantial amount of various cryptocurrencies. The assets included:
- 33.11 million USDT
- 8,488 Ethereum (ETH) worth $22.43 million
- 7,348 Solana (SOL) worth $1.15 million
- 33,000 Avalanche (AVAX) worth $946,000
- 1.5 million worth of FDUSD
This significant dump occurred following the opening bell of the US stock market and ahead of a speech by Jerome Powell.
As a result of this large-scale sell-off, the market is experiencing increased volatility, and a price decline seems imminent.
Current Market Sentiment
The overall market sentiment currently appears to be negative. The prices of major cryptocurrencies have started to fall. According to CoinMarketCap data, several leading cryptocurrencies have experienced notable declines in the past 24 hours:
- Bitcoin (BTC): Over 3.5% decline
- Binance Coin (BNB): Over 4.5% decline
- Solana (SOL): 2% decline
- Ethereum (ETH): 2.3% decline
Bulls Hit Hard, $200 Million of Liquidations
The substantial price decline across the cryptocurrency market has resulted in nearly $200 million worth of liquidations of long and short positions in the past 24 hours. This information comes from on-chain analytics firm Coinglass.
The largest single liquidation occurred on Binance in the BTC/USDT pair, amounting to $1.61 million. Coinglass data reveals that bulls have been particularly hard-hit during this price decline:
Bitcoin (BTC) Liquidations
- Bulls’ long positions: $42 million liquidated
- Bears’ short positions: $7.7 million liquidated
Ethereum (ETH) Liquidations
- Bulls’ long positions: $25 million liquidated
- Short sellers: $4.8 million liquidated
The ongoing market correction has caused significant financial impacts on traders, emphasizing the volatile nature of the cryptocurrency market. As the market continues to react to these large-scale movements, investors should remain cautious and stay informed about the latest developments.
