Cryptocurrency liquidations surpassed the $1 billion mark less than 24 hours after the market plunged.
According to data provided by Coinglass, total crypto liquidations reached $1.05 billion in the past 24 hours as the market capitalization of the global crypto market declined. According to the data, the majority of liquidations have come from long positions, which is contrary to traders' expectations for another bull run at this point.
Additionally, Coinglass said $797 million of long positions and $257 million of short positions were liquidated across all exchanges in the past day.
Bitcoin (BTC) alone saw $309 million in liquidations, with $211 million in long positions and $98 million in short positions.
Notably, the flagship digital currency reached an all-time high of $69,170 on March 5th. Following the rally, traders withdrew more than $142 million worth of trading positions just an hour after Bitcoin reached a new all-time high.
According to the data aggregation firm, a trader recently liquidated $1.04 million in BTC on Bybit as the asset price recovered to $66,500.
According to Coinglass, Binance leads the chart with $403 million in liquidations, followed by OKX and Bybit with $366 million and $106 million in liquidations, respectively, in the past 24 hours. I am.
As the crypto market faces a correction, total open interest has decreased by 0.65% and currently stands at around $67 billion, according to data from Coinglass.
