Steep losses in the cryptocurrency market caused mass liquidations in the past 24 hours, recent data shows. While total market capitalization sank by 3% to below $1.45 trillion, the effect was magnified across futures trading.
Long positions bore the brunt of liquidations- a common theme this year, as traders repeatedly tried to call the bottom.
According to Coinglass, around $1.10 billion positions have been liquidated from the crypto market in the last 24 hours. The fear is such that over 289K traders have liquidated their funds. The largest single liquidation order of $6.3 million was registered on the Bitmex crypto exchange. It is important to note that almost 72% of the total liquidation in the past 24 hours consisted of long positions.
Long traders who were expecting a price surge from the recent dump have received a massive hit. More than $785 million were lost in the position amid the fresh liquidation. While over $311 million went in shorts. OKX crypto exchange saw the highest amount of positions being wiped- at $313 million. Around 81% of it includes the long positions. This shows that a huge number of traders were hoping for the recovery of the market.
Bitcoin (BTC) has led the tally of most liquidation. Around $354 million worth of BTC got moved out of the market. Bitcoin is trading at an average price of $31,300, at the press time. Its prices have plunged by around 5% in the past 24 hours. However, Ethereum (ETH) has also shed $326 million in the same period. ETH is trading at an average price of $2,370. The largest meme cryptocurrency, Dogecoin (DOGE) saw a liquidation of over $15 million.
The Crypto market has taken a huge hit in the last 24 hours. The cumulative market capitalization now stands at $1.45 trillion. The total market value has shrunk by 50% since it touched its all time high (ATH). In November 2021, the crypto market breached the $3 trillion mark.
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