After flirting with $73,500, Bitcoin fell back to $69,000, sparking a wave of discontent among cryptocurrency traders. This surge in forced selling has led to massive liquidations, with the biggest impacts on market leaders Bitcoin and Ethereum. A look back at the amounts involved and the exchange platforms in particular affected.
The shock of liquidations: almost 280 million evaporated
IN the already tense crypto climatewith the dream of $75,000 destroyed for bitcoin, the market suffered a real tidal wave a massive liquidation totaling $277.48 million in just 24 hours.
Bitcoin led the way with losses of $88.4 million, closely followed by unscathed Ethereum with $44.96 million.
Losses on long positions reach record highs:
- Bitcoin: $79.05 million;
- Ethereum: $40.74 million;
- Solana: $14.38 million.
In short positions, BTC and ETH also saw liquidations of $9.35 million and $4.22 million respectively.
For other cryptocurrencies such as Solana and Dogecoin, the losses are around $15 and $12 million. The price drop, almost 4.7% for BTC and 6.14% for ETH, illustrates the volatility of the market.
Crypto exchanges face hemorrhaging from liquidations
On the exchange platform side Binance Takes Lead With $119M Liquidationindicating strong exposure and risk taking by traders on this platform. Bybit and OKX follow closely behind with liquidations of $63.97 and $59.59 million respectively, confirming the gravity of the situation.
With closed longs of $57.56 million on Bybit and $51.57 million on OKX, we clearly see the extent to which traders have not escaped the brutal price drop. $25.82 million was liquidated on HTX, while CoinEx saw more modest losses of $7.37 million.
This table of massive losses shows how on different crypto exchanges high leverage exposes the user to the consequences of sharp market fluctuations.
The episode is reminiscent of the massive liquidations in September that revived fears of a 75% market collapse.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.