Liquidations across centralized exchanges accounted for the entire $159 million loss. Binance, the world’s largest crypto exchange, suffered the most.
By Chimamanda U. Martha
Edited by Julia Sakovich
Updated
2 mins read
The cryptocurrency market has experienced significant volatility this week, with bulls struggling to maintain momentum amid increasing selling pressure. As a result, Bitcoin (BTC) has dropped below its critical support level, which analysts have warned could impact the market’s overall performance.
On Thursday, Bitcoin price fell sharply to $67,000, leading to widespread liquidations across the market. Data from CoinGlass shows that approximately 76,000 traders were liquidated, resulting in a total loss of $159 million within the last 24 hours.
Most of these liquidations involved long positions, accounting for around $125 million, as the market took a sudden downturn, surprising investors who anticipated BTC would increase in price.
Despite long traders taking most of the hit, short traders were also impacted. According to CoinGlass data, around $34 million of short positions were closed as BTC fell below $68,000 again.
Liquidations across centralized exchanges accounted for the entire $159 million loss. Binance, the world’s largest crypto exchange, suffered the most, contributing around 48% of the total liquidation.
The company, currently headed by Richard Teng, saw approximately $78 million vanish from the platform in the past 24 hours. Additionally, the largest single liquidation order, valued at around $2.69 million, occurred on Binance.
In addition to Binance, OKX contributed around 32% of the liquidation, with $51.68 million erased from the platform.
Other exchanges such as Bybit, Huobi Global (now rebranded to HTX), and CoinEx also significantly contributed to the $159 million liquidated from the crypto market. CoinGlass data showed that Bybit lost $13.78 million, while HTX and CoinEx lost over $14 million combined.
Traders who entered Bitcoin positions on these exchanges lost around $22.9 million, while those who traded Ethereum recorded a loss of around $26.79 million, surpassing that of BTC.
Similarly, other cryptocurrencies witnessed a combined liquidation of $30.56 million.
With Bitcoin still depreciating in value, traders are continuing to be liquidated. In the past hour alone, a total of $16.5 million has been wiped out from the market. Long traders took the majority of the hit, losing around $14 million, while short positions only suffered about $2.24 million in liquidation in the past 60 minutes.
The entire crypto market has also experienced a decline over the last 24 hours. According to CoinMarketCap, the crypto market is currently valued at around $2.5 trillion, with BTC alone holding the majority market share of $1.33 trillion.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
