Altcoins are bleeding: Half a Billion Dollars Deleted from the Market in the Last 24 Hours!

With Bitcoin (BTC) falling by around 3% in the last 24-hour period and falling below 65 thousand dollars, the cryptocurrency market suffered millions of dollars in losses.

Bitcoin has fallen from $66,500 to $64,500 in the past 24 hours. This situation led to the liquidation of futures positions worth hundreds of millions of dollars.

According to Coinglass data, at the time of writing, the total value of positions liquidated in the last 24 hours was 461 million dollars. It was stated that more than 177 thousand cryptocurrency investors in total were affected by this situation.

While the largest liquidation was a $6.44 million Ethereum long position opened on the cryptocurrency exchange Binance, it was reported that approximately 86.94% of the total liquidated positions were caused by long positions.

Of the liquidated positions, $70 million was from Bitcoin and $91 million was from Ethereum (ETH). When the data on all cryptocurrencies was examined, while 400 million dollars of long side positions were liquidated within 24 hours, the total value of the positions liquidated on the short side corresponded to 61 million dollars.

While $173 million of the total liquidation amount of $461 million took place on the largest cryptocurrency exchange, Binance, OKX ranked second with a liquidation of $136 million.

While Bitcoin decreased by 3% in the last 24 hours, this decrease was reflected much more sharply on altcoins. Ethereum is down 5%, BNB (BNB) 4.6%, Solana (SOL) 10%, Ripple (XRP) 7.3% and Cardano (ADA) 9.9% over the same period. The total value of the cryptocurrency market decreased to $2.48 trillion.