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More than $200 million in cryptocurrencies liquidated as BTC plummets to $65,000
Alex Dovbnja
The cryptocurrency market has suffered a wave of liquidations following the collapse of Bitcoin
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Second recent data provided by Coinglass, a whopping $207 million in cryptocurrencies have been liquidated in the last 24 hours. Long positions account for the vast majority of the wipeout ($184.09 million).
In particular, 135.84 million dollars in cryptocurrencies were liquidated in the last four hours alone.
OKX ranks first in total settlement amount ($47.64 million). Binance and Huobi come in second and third place with $43.84 million and $27.19 million, respectively.
Nearly 80,000 traders have been liquidated in the past 24 hours, with the largest single liquidation topping $3 million on the OKX exchange.
Bitcoin, Ethereum, Solana and Dogecoin lead the liquidations.
According to data from CoinGecko, early Friday, Bitcoin fell to an intraday low of $65,018. It currently trades at $65,448 after paring some gains. The flagship cryptocurrency is now down about 5% compared to last week.
The flagship currency inched closer to reclaiming the $70,000 level on Wednesday after US inflation came in lower than expected in May. However, he reversed course after the Federal Reserve presidency Jerome Powell he made somewhat aggressive comments during the same day. His comments spooked traders who had been hoping for multiple rate cuts this year.
Due to the double whammy of Bitcoin outflows into Exchange Traded Funds (ETFs) and macroeconomic uncertainty, the largest cryptocurrency continued to underperform and eventually sank below the key $66,000 support level.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 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; he can be contacted at alex.dovbnya@u.today.