Thousands of crypto traders have lost their positions in the market in the last 24 hours. Liquidations increased, especially after the price of Bitcoin lost more than $19,000. It sparked one of the biggest spills of 2022, with traders losing hundreds of millions of dollars in a single day.
More than 125,000 merchant rect
More than 125,000 positions were liquidated in the 24 hours following Bitcoin’s plunge to the $18,000 territory. This is more than 410 million dollars lost in the previous day. Not surprisingly, most of them are long traders who have been playing the market while seeing another recovery. Instead, the fall has had a significant impact on the market.
According to data from Coinglass, a total of 126,632 traders lost their positions during this period. The largest single liquidation was recorded on the Bitmex exchange, a trade of 10 million dollars was settled on the XBTUSD pair.
Of the $417 million liquidation, 87.85 percent was withdrawn over the long term, leaving $52.38 million outstanding. In the last 12 hours, the liquidity has started to cool down but it is still significant enough to cause panic in the market.
Ethereum leads crypto liquidity.
Although Bitcoin has fallen below $19,000, the digital asset has seen a lot of liquidity, but it is short compared to Ethereum. ETH fell to the $1,200 level at one point, and long traders were killed after hitting the market.
In the last 24 hours, about $121 million worth of Bitcoin liquidations, nearly 40% of the Ethereum numbers, have been lost to $161 million by traders. This means that the transactions lost more than 122,000 ETH in 24 hours.
Ethereum Classic, which tends to trail behind Ethereum by a large margin, has not been spared by the liquidity trends either. ETC saw the liquidation of over 482,000 coins, which translated into a loss of $13.91 million during this period. It was before XRP that saw a liquidation of $10.5 million.
All other cryptocurrencies have seen very little liquidity, with less than $5 million lost. EOS, ETHW, SOL and CHZ recorded liquidity of $4.92 million, $4.65 million, $4.29 million and $4.27 million respectively. LTC also made the top 10 list with $3.6 million in liquidity.
Featured image from CoinShark, chart from TradingView.com
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