Date: Thu, August 29, 2024, 10:12 AM GMT
The cryptocurrency market has seen a significant downturn for Stacks (STX), the native token of the Stacks ecosystem. In the last 24 hours, the price of STX has dropped by 8.33%, bringing it down to $1.61. This sharp decline has left the token’s market capitalization at approximately $2.39 billion.
Liquidation of Long Positions
The recent dip in STX’s price has had a profound impact on investors holding long positions. According to data from CoinGlass, a total of $249.62K was lost in liquidations related to STX within the last 24 hours. The overwhelming majority of these losses, around $247.35K, came from traders with long positions, meaning those who were betting on the price of STX to rise. In stark contrast, traders with short positions only faced minimal losses of $2.27K.
With nearly 98% of long traders being liquidated today, the situation raises questions about whether STX will see a recovery or if further declines are on the horizon. All eyes are on STX to see if it can bounce back from this setback.
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice.
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