Bitcoin started the new week on a somewhat bearish note after a flash crash sent the price below $69,000 once again. Since then, the price of the largest cryptocurrency in the space has recovered somewhat. But the damage has already been done, with tens of thousands of crypto traders exiting leveraged positions as a result.
81,000 crypto traders lose $220 million
Bitcoin’s flash crash has reached a support level just above $68,800, but crypto traders are already feeling the brunt of this massive move. More than 81,000 traders lost leveraged positions in the past day, and liquidations piled up.
That number is higher than the 81,400 crypto traders who liquidated as a result of the crash, according to Coinglass data. In total he lost over $223 million from all positions flushed during this period. Subsequently, the single largest liquidation took place on the OKX exchange across the ETH-USD-SWAP pair. This trader alone lost $7 million when his position was liquidated.
As expected, the majority of the losses came from long traders, with a total of 70.01% of liquidated positions being long, according to Coinglass. This means that his long-term liquidation amount has exceeded $156 million in the past 24 hours.
The cryptocurrency exchange that recorded the largest amount of liquidations was the OKX exchange, accounting for 46.87% of the total liquidations, or $104.61 million. Binance placed him in second place with 38.72% ($86.41 million). Bybit, on the other hand, had the third largest liquidation amount at 8.4% ($18.75 million).
Bitcoin, Ethereum and Dogecoin lead liquidations
Unsurprisingly, the crypto assets with the most liquidations are Bitcoin and Ethereum, with $36.1 million and $28.98 million, respectively. However, the number of meme coins themselves, such as Dogecoin and PEPE, is also increasing.
Dogecoin's 24-hour liquidation amount was $10.4 million, surpassing Solana's $8.3 million. Next up after Solana is PEPE, with liquidations rising to $7.1 million.
Long traders continue to incur huge losses in all these cryptocurrencies. Even on shorter time frames, the trend for long traders continues to look bleak. According to Coinglass data, long traders accounted for 85.64% of liquidations in the past 12 hours. Next, the 4-hour and 1-hour timeframes account for 6.182% and 72.62%, respectively.
Regarding Bitcoin price, the bulls continue to struggle as the resistance at $69,500 increases. At the time of writing, the price was trading at $69,450, down 1.1% on the previous day, according to Coinmarketcap data.
BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Coin Paprika, chart from Tradingview.com
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