ASTER, the token of the decentralized trading platform Aster, fell below $0.55 this evening due to accelerated selling pressure. The token, which had fallen as low as 0.5263 USDT on Binance,
ASTER, the token of the decentralized trading platform Aster, fell below $0.55 this evening due to accelerated selling pressure.
The token, which had fallen as low as 0.5263 USDT on Binance, was trading around $0.543 at the time of writing. According to CoinGlass data, ASTER’s loss in the last 24 hours has reached 19.5%, and its weekly decline has exceeded 20%.
The sharpest part of the sell-off lasted for about half an hour. ASTER, which was seen at $0.6007 on CoinGlass, dropped to $0.5431 in the next measurement. There is approximately a 9.6% decrease between the two prices. On the Binance spot market, the highest level in the last 24 hours was 0.6586 USDT.
On a day when Bitcoin fell to around $65,000, altcoins were also under selling pressure. As the decline in ASTER accelerated in the evening hours, liquidations in futures contracts increased. On exchanges tracked by CoinGlass, $7.76 million worth of ASTER positions were liquidated in the last 24 hours. Of this, $7.74 million came from long positions opened with the expectation that the price would rise.
Futures trading volume reached $337 million during the same period, while the total value of open positions in dollar terms decreased by approximately 16 percent to $308 million. The forced closing of leveraged long positions as prices fell may have increased selling pressure in the futures market.
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According to LC Insight, citing DeepSea data, an unidentified wallet sold approximately 1.06 million ASTER for $677,000 earlier in the day. The transaction occurred hours before the sharp drop in the market that evening.
A graph showing the price drop of ASTER.
*This is not investment advice.
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