News
Liquidations hit highest level since FTX crash
Alex Dobnya
Those who placed bullish bets on Bitcoin, Ethereum and other cryptocurrencies have suffered a severe defeat
Read U.TODAY on
Google News
Second data According to CoinGlass, $675 million in cryptocurrency was liquidated in the last 24 hours alone.
Long positions accounted for the majority of liquidated positions ($578 million).
More than $227 million in cryptocurrency has been liquidated in the last four hours alone.
During this ongoing cryptocurrency carnage, the largest liquidation took place on the Binance exchange, with a single trader losing as much as $18 million.
Bitcoin recorded the largest number of liquidations with $184 million in long positions and $41 million in short positions wiped out. Ethereum and Solana came in second and third, respectively. Meme coin Dogecoin also appeared in the top 5.
In terms of specific cryptocurrency trading platforms, Binance came in first place for total amount of cryptocurrency liquidated with $343.41 million. OKX and Huobi came in second and third with $171 million and $71 million, respectively.
AS reported by U.TodayThe latest cryptocurrency crash has been exacerbated by a massive transfer initiated by Mt. Gox, the now-defunct cryptocurrency exchange. The transfer is part of the Bitcoin distribution process announced last month. The market is under heavy selling pressure due to speculation that a significant portion of creditors may liquidate their securities.
Bitcoin has fallen more than 8% in the last 24 hours after to dive at $53,350, its lowest level in five months, early on Friday. Meanwhile, some major altcoins such as Solana have seen double-digit losses.
The recent market crash has triggered one of the largest waves of liquidations since the FTX stock market crash in December 2022.
The pseudonymous trader DonAlt has expected that the price of the leading cryptocurrency is unlikely to return above the $60,000 level any time soon. He also said that the chances of the peak of the current cycle having already been reached are good.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.