The last week was an exciting one for crypto traders regardless of their profits or losses on the market. Over the weekend, the crypto market had seen some dramatic weekend, and as another trading week opens up, short traders have drawn the ‘short’ stick once more.
180 MILLION LOSSES
The market has seen losses increase over the last 24 hours as the recovery trend continued. This trend started towards the end of last weekend, as bitcoin’s remarkable rise above $20,000 had dragged the rest of crypto markets along. The short traders who were affected by this had already begun to lose their lives, but that did not mean they would be able to recover.
If bitcoin had climbed to the mid-$22,000s, it would have been even better for long traders. This led to a surge in liquidations on the crypto market, which left tens and thousands of traders with losses.
The liquidation volume reached $180 million within 24 hours, while short traders had the highest volumes. In the past 4 hours, liquidations on the market exceeded $25 million. The majority were short traders (73.29%).
Source: Crypto Total Market Cap on TradingView.com| Source: Crypto Total Market Cap on TradingView.com
At this point, 48,510 trader were rekt. One of the largest liquidation events occurred during this time on Okex’s BTCUSDT-SWAP exchange. The total liquidation of this trade was $3.41 Million.
Bitcoin Leads Crypto Losses
Given bitcoin’s recovery in the last couple of days, it is no surprise that the digital asset has seen more liquidations associated with it. While the crypto market’s total liquidation crossed $180 million, bitcoin accounted for about 40% of that, with $80 million in volume.
The majority of the liquidations occurred in the last 24 hours. In bitcoin, liquidations reached $66.24 Million, and $120,000,000 for the wider crypto market. 62.15% were short traders.
Another notable digital asset that saw significant liquidations over the last 24 hours was Ethereum. It is now worth $49.51 million. Ethereum Classic has been valued at $7.12m, LUNA at $5.64m, Solana at 4.11 million and LUNA at 5.64m. CEL, NEAR and APE saw $1.996 and $1.92 millions, respectively.
Bitcoin’s price seems to have found a point to settle right above $22,000, which has put a stop to the liquidations. If there is any further wild movement, there will likely be greater liquidation volumes.
Featured image by Cryptimi. Chart from TradingView.com