In the past 24 hours, crypto liquidations have increased across the entire market. The market saw a decline in digital assets over the past day that led to traders losing hundreds of millions. This liquidation event saw hundreds of thousands of crypto traders get caught up in the largest liquidation of 2022.
Crypto Market Gets $830 MILLION
Within 24 hours there were more than $830million in liquidations across the cryptocurrency market. This is the second largest liquidation event in 2022 and slightly less than the October numbers.
Long traders are the ones who have been most affected by the liquidations, as the market for digital assets has declined. More than 70% have been attributed to long-term traders. This volume was more than 33%. FTX followed closely at 21.77%.
Liquidations cross $830 million | Source: Coinglass
In one day, a total of 392,043 trader were liquidated. Binance was the biggest single liquidation order. This trade, which was valued at $6.70m, was made on the BTCUSDT currency pair.
A total market cap of $832billion falls | Source: Crypto Total Market Cap on TradingView.com
Within 24 Hours, Loss Leaders
Digital assets like Bitcoin and Ethereum are always the leaders in liquidations. Nevertheless, there have been strong competitors since the collapse of the FTX cryptocurrency exchange. FTT was the crypto exchange with the highest liquidation volume. It suffered significant losses.
There were 5.75 million FTT coins liquidated over a 24-hour period. This is worth $26.6 Million. The token is now the fourth most liquidated, right after Solana (SOL), to which FTX was also exposed. At the time this article was published, 3.26 million SOL valued at $53.66million had been liquidated.
Even with almost $1 billion in liquidations already, there doesn’t seem to be an end to the bloodbath just yet. Bitcoin fell to $17,000 again, holding at the cycle high of $17.600. However, there is no sign that support will be coming. If there are any wild moves similar to Tuesday’s, it could lead to liquidation figures of up to $1 million.
Featured image by Bitcoinist. Chart from TradingView.com
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