Bitcoin Drop Below 60,000 Dollars Sparks 300M Dollars Liquidation Wave in Crypto Market

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.