The Crypto Market Sees Over $1 Billion in Liquidations Amid Market Decline
The cryptocurrency market has experienced a significant decline, leading to over $1 billion in liquidations within a 24-hour period. Long positions have particularly been affected, defying traders’ expectations of a further bull run. Here are the key points:
- Data from Coinglass reveals that total cryptocurrency liquidations have reached $1.05 billion in the past 24 hours.
- Long positions account for the majority of these liquidations.
- $797 million in long positions and $257 million in short positions have been liquidated across all exchanges.
- Bitcoin alone has witnessed $309 million in liquidations, with $211 million from long positions and $98 million from short positions.
Traders had anticipated a continued upward trend following Bitcoin’s new all-time high of $69,170 on March 5. However, as the market corrected itself, traders quickly withdrew their trading positions worth over $142 million within just one hour of Bitcoin reaching its peak. Additionally:
- A trader on Bybit liquidated $1.04 million in BTC as the asset’s price rebounded to $66,500.
Looking at the exchanges that have seen the most liquidations:
- Binance leads the chart with $403 million in liquidations.
- OKX follows with $366 million in liquidations.
- Bybit ranks third with $106 million in liquidations.
The total open interest has also declined by 0.65% as the crypto market faces correction, currently hovering around $67 billion.
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