Altcoins have been thrust into a whirlwind of uncertainty as Bitcoin’s price tries to cling on to its $27k handle. The sudden reversal of the alpha crypto’s fortunes, retreating more than 5% in the last 24 hours, has caught many overzealous traders off guard. As a result, a flurry of liquidations totaling nearly $73 million in the same timeframe has left the crypto landscape reeling.
The bulk of these liquidations, a staggering $61.72 million, came from the altcoin arena, where tokens like Aave, Bitcoin Cash, and Bitcoin SV have taken the brunt of the collapse. Bitcoin longs contributed just $11.28 million to the overall liquidation figure, underscoring the severity of the altcoin market’s downturn.
Crypto liquidations. Source: FXStreet
Binance’s Watchful Eye On Altcoins
In the midst of this turmoil, Binance, one of the world’s largest cryptocurrency exchanges, has taken a proactive stance by placing four altcoins on its watch list. These tokens, which include BarnBridge (BOND), Beta Finance (BETA), NEM (XEM), and WaltonChain (WTC), have been identified as no longer meeting the exchange’s stringent liquidity benchmarks for continued listing.
The exchange has issued a stern warning to its users to exercise caution when dealing with tokens bearing the “Monitoring Tag,” signaling a high level of volatility and uncertainty.
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