Crypto News– In the wee hours of Friday, the crypto market faced another blow amidst reports of escalating tensions in the Middle East. Bitcoin (BTC) took a hit, tumbling from $60,000 to $59,000, marking its first significant drop in weeks.
Bitcoin Drop Below 60,000 Dollars Sparks 300M Dollars Liquidation Wave in Crypto Market
Although BTC has since made a modest recovery, currently hovering above $64,000, the initial decline triggered a wave of massive liquidations, leading to a staggering loss of over $282 million within a single day. According to CoinGlass data, this liquidation wave hit numerous traders hard, tallying up to a whopping $89,363.
Massive Liquidations Rock Crypto Traders
In the past 24 hours, short traders found themselves grappling with losses surpassing $132 million, while long traders weren’t spared either, facing a combined loss of $150 million. CoinGlass data revealed a startling $172 million liquidation surge from leveraged positions within the last hour alone, as BTC defied expectations and soared.
Analyzing the losses across various blockchains, BTC traders bore the brunt, with a staggering $4 million liquidated within the network over the past day. Ethereum (ETH) followed suit with $990,000 in liquidations, while Solana (SOL) traders counted losses of around $559,000.
Other blockchain protocols witnessed their fair share of losses, with Dogecoin (DOGE) and FTM bleeding $158,000 and $172,000, respectively. Collectively, the remaining networks suffered losses amounting to $293,000.
The impact of these liquidations reverberated through centralized exchanges (CEXs) as well, with OKX bearing the weight of the largest single liquidation order. According to CoinGlass, a trader on OKX faced a jaw-dropping loss of over $4 million in a single order within the past day, underscoring the inherent risks of cryptocurrency trading, particularly in volatile market conditions.
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