Alex Dovnya
Cryptocurrency market has been hit by the first wave of large-scale liquidations in more than a month
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According to CoinGlass, an astonishing $963 million worth of cryptocurrencies were liquidated in the past 24 hours alone.
This is the largest cryptocurrency liquidation amount since early March. At the time, more than $1.1 billion was liquidated in a single day after Bitcoin fell 10% after hitting a new all-time high.
This massive wipeout ($772 million) was largely accounted for by long positions.
On Saturday, rising tensions in the Middle East caused the price of Bitcoin to flash crash by more than 8%. Iran fired hundreds of drones and missiles at Israel in retaliation.
The single largest liquidation order was placed on Binance with an amount of $8.46.
Overall, around 260,000 crypto traders were liquidated in the past 24 hours during the worst crypto market crash in years.
Notably, OKX outperforms Binance in terms of total liquidations ($412 million and $365 million, respectively). Huobi, BitMEX, CinEX, and Bitfinex are also among the top crypto exchanges in terms of total liquidations.
As reported by U.Today, major altcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) showed temporary recovery, resulting in some short positions being liquidated. However, the market capitalization of cryptocurrencies has still declined significantly over the past day.
Of course, Bitcoin (BTC) and Ethereum (ETH) lead in terms of total liquidation. Solana (SOL) and DOGE placed third and his fourth respectively.
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Alex Dovnya
