In the past 24 hours , 87,561 traders were liquidated , the total liquidations comes in at $248.34 million

The largest single liquidation order happened on Bitmex - XBTUSD value $4.97M

Crypto liquidation refers to the process of forcibly closing a trader's positions in the cryptocurrency market. It occurs when a trader's margin account can no longer support their open positions due to significant losses or a lack of sufficient margin to meet the maintenance requirements.

When a trader's account falls below the required margin level, the exchange or brokerage platform may initiate the liquidation process. This means that the trader's positions will be forcibly closed at the market price to cover losses and outstanding debts.

The liquidation process aims to protect both the trader and the exchange from further losses. By closing the positions, it helps ensure that the trader does not accumulate more debt and that the exchange can recover the owed funds. The liquidation can happen automatically or be triggered by reaching predetermined margin thresholds set by the exchange.

It's important to note that crypto liquidation can result in significant financial losses for the trader. Therefore, it's crucial for traders to manage their risk effectively, monitor their margin levels, and employ risk management strategies to avoid or mitigate the possibility of liquidation.

What is Rekt in crypto？

In the context of cryptocurrency, "Rekt" can be referred to as "liquidation" in professional terms.

"Rekt" is a slang term commonly used in the cryptocurrency community to describe a situation where a trader or investor suffers significant losses or gets "wrecked" financially. It is derived from the word "wrecked" and is used to express the idea of someone being ruined or destroyed due to their poor trading decisions or unfortunate market movements.

When someone says they got "Rekt" in crypto, it typically means that they experienced a substantial loss in their cryptocurrency investments or trades.