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Crypto markets are having their worst day since August. Bitcoin is down 7.3%, Ether has fallen 7.5%, and the total crypto market cap (TOTAL) is defending $1.5T. Is this pullback a chance to buy the dip?
Over $480M in long and short trades have been liquidated during the last 24 hours as a result of the market volatility, making this liquidation event the largest since early November.
As longs comprised 90% of the liquidations, perpetual funding rates fell considerably. While BTC funding rates have come in from a stretched 0.030% to a comparably healthier 0.013%, they remain at an elevated level.
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