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It's Big & Big #alert About $120 Million Liquidations !!!
Crypto Liquidation Hits $120M, Affecting Thousands of Traders
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether.
The crypto market has been recovering from recent lows, but this has not spelled good news for everyone.
According to CoinGlass’s Liquidation Heatmap, in the past 24 hours alone, thousands of crypto traders have faced significant losses, with total liquidations surpassing $120 million.
Currently, Bitcoin (BTC) and Ethereum (Ether) are trading above $67,000 and $3,100, respectively, after having dropped to as low as $57,000 and $2,800 in April.
This earlier market decline was attributed to geopolitical tensions in the Middle East and market corrections following the 2024 Bitcoin halving event.
Despite this recovery, a total of 59,032 traders suffered liquidations, bearing the brunt of these market movements.
OKX Takes the Brunt of Market Volatility
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether. These optimistic traders collectively lost about $87.05 million.
In contrast, those holding short positions, betting on the potential decline of these digital assets, saw losses totaling around $28.31 million.
Bitcoin traders lost around $23.15 million in a single day, while those wagering on Ethereum’s price suffered a combined loss of $19.70 million.
Similarly, crypto traders betting on Solana (SOL) faced $8.84 million in losses, while other digital assets saw combined losses of $23.24 million.
CoinGlass’s Liquidation Heatmap also revealed that the largest single liquidation order occurred on the crypto exchange OKX, with the company losing around $4 million in a single order over the past 24 hours.
Over $13 Million Liquidated in an Hour
The crypto market remains volatile, with traders continuing to incur significant losses.
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