In the past 24 hours thousands of cryptocurrency traders lost positions on the market. Due to bitcoin’s falling price, the liquidations have increased. This led to one of the biggest liquidations of 2022. Traders lost hundreds of millions in a matter of hours.
Over 125,000 Trade Rekt
In the 24 hours following bitcoin’s decline to the $18,000 territory, more than 125,000 have had their positions liquidated. The loss was more than $410 millions. It’s not surprising that the majority were traders long term who had bet on the market seeing a recovery. The market experienced a wave effect from the decline.
Coinglass data shows that 126,632 traders lost positions in this period. Bitmex had the biggest single liquidation. A single trade valued at $10 million was liquidated over the XBTUSD pairs.
Of $417 million spent on liquidations, only 87.85% went out as longs. This left $52.38 million worth of shorts. The liquidations are now under control, but they still cause panic on the markets.
Ethereum Leading Crypto Liquidations
While bitcoin has fallen to $19,000 and sparked huge liquidations, it is still not as good as Ethereum. ETH fell to $1,200 at one time, with long-term traders taking hit after hit.
Where bitcoin’s liquidations had come out to around $121 million in the last 24 hours, Ethereum’s numbers were almost 40% more, with $161 million lost by traders. The trades lost over 122,000 ETH within 24 hours.
The liquidation trends also did not spare Ethereum Classic which is the cryptocurrency that tends to be the least popular. ETC suffered losses totaling $13.91 Million due to liquidation of more than 482,000 ETC coins. It came just behind XRP which had $10.5million in liquidations.
Other cryptocurrencies saw much less liquidation with losses of $5 million or lower. EOS and ETHW were liquidated at $4.92, $4.65, $4.29, and $4.27 millions, respectively. LTC was also in the top 10, with $3.6 million worth of liquidations.
Featured Image from CoinShark. Chart from TradingView.com
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