Bitcoin and Binance Lead $110 Million Liquidation Wave in Crypto Trading
In the volatile world of cryptocurrency trading, a staggering $110 million worth of long positions have been liquidated in just 24 hours. The primary contributors to this wave of liquidation are Bitcoin and Binance.
Massive Liquidation of Longs
Within the span of 24 hours, over $110 million worth of long positions in the crypto market were liquidated. Coinglass data reveals that approximately $22 million worth of shorts were also liquidated during the same period.
A total of 51,553 traders were liquidated, resulting in a combined liquidation value of $132.91 million. Bitcoin accounted for the largest share of liquidations, with over $38.85 million worth of longs being liquidated. Ethereum and Solana also experienced significant liquidations, amounting to $21.78 million and $10.7 million respectively.
The most substantial single liquidation occurred on Bitmex exchange’s XBTUSD pair, with $2 million being liquidated.
Leading crypto exchanges such as Binance, OKX, Huobi, Bitmex, and Bybit were responsible for the majority of these liquidations.
Crypto Price Rollercoaster
The volatility in crypto prices has fueled the recent wave of liquidations. Bitcoin has experienced significant fluctuations over the past two weeks, reaching a high of $36K before plummeting back to $34.5K within 24 hours.
This sudden surge and subsequent 4% drop have led to the ongoing liquidation of long positions. Bitcoin continues to show signs of further declines, with a 2.34% loss in the past 24 hours.
Ethereum also indicates potential price plunges, having lost over 2.1% in the same timeframe. On the other hand, Cardano and MASK have seen positive price movements, with gains of 4% and 16% respectively in the past 24 hours.
Hot Take: Crypto Market Witnesses $110 Million Liquidation in 24 Hours
The crypto market experienced a massive wave of liquidations, resulting in $110 million worth of long positions being liquidated within a single day. Bitcoin and Binance were the primary drivers behind this surge in liquidations.
The extreme volatility in crypto prices played a significant role in triggering these liquidations. Bitcoin’s price reached its highest point in 18 months before swiftly dropping back down. Ethereum and Solana also faced substantial liquidations.
This ongoing rollercoaster ride in the crypto market has led to uncertainty and more potential declines. Traders need to closely monitor these price movements to navigate the volatile landscape successfully.
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