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.
Why Did ASTER Fall? Long Positions Closed as Selling Speeded Up
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.
1 Million ASTER Sales Seen Earlier in the Day
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.
*This is not investment advice.
