In the last 24 hours, the cryptocurrency market experienced significant liquidations totaling $223.34 million. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) saw sharp price declines, highlighting heightened volatility and market instability.
Bitcoin Leads Liquidations
Bitcoin was at the forefront of liquidations, with $84.20 million worth of BTC wiped off the market. This equates to approximately 1,180 BTC being removed from circulation. The high volatility of Bitcoin has caused substantial losses for investors engaged in margin trading, making BTC transactions increasingly riskier as market fluctuations escalate.
Ethereum followed closely behind, with $35.13 million in liquidations resulting in the removal of 13,410 ETH from the market. Generally moving in tandem with BTC, ETH is also influenced by developments in DeFi and NFT sectors, contributing to price volatility.
Situation of Other Cryptocurrencies
The liquidation wave affected altcoins such as Solana , Dogecoin , and Sui. Solana faced a $16.18 million loss, while Dogecoin saw a liquidation of $14.18 million, making them among the hardest-hit altcoins. Significant liquidations were also reported across various other altcoins.
Most liquidations occurred on major exchanges. Binance led with $124.13 million, followed by OKX, HTX, and Bybit, which experienced liquidations of $56.39 million, $21.07 million, and $10.96 million respectively.
Throughout this process, a total of 64,568 traders incurred losses. An $18 million liquidation of the BTC/USDT pair on Binance illustrated the potential risks associated with leveraged trading.
This significant wave of liquidations serves as a reminder of the volatile nature of the cryptocurrency market. Traders should remain aware of the risks involved and adjust their strategies according to market conditions.
