Big Blow in the Cryptocurrency Market: 409 Million Dollars Deleted from the Market

The cryptocurrency market lost 3.5% in value in the last 24 hours.

According to CoinGecko data, the total value of the cryptocurrency market dropped to $2.68 trillion. This value increased to $2.78 trillion during the week.

Tens of thousands of traders suffered losses

According to Coinglass data, the decline in the cryptocurrency market has left more than a hundred thousand traders in loss.

A total of $409.6 million worth of positions were liquidated in the last 24 hours. In total, the positions of 147 thousand 148 investors were closed.

According to CoinGecko, major coins such as Bitcoin (BTC), Ethereum (ETH), BNB and Solana (SOL) lost value by 2.6%, 3.4%, 2.1% and 5.4% on a daily basis, respectively.

The largest liquid position was the $5.2 million ETH-USD-SWAP position on OKX.

The highest liquidation in 24 hours was seen on the Binance exchange, with $177 million. It was followed by OKX with $137 million and Huobi with $34 million.

$361 million of the liquid positions consist of long positions. The value of liquid short positions is around 48 million dollars.

The majority of these positions were taken in altcoins with small market caps. Of the liquidated positions, $69.9 million consists of Bitcoin (BTC), $58.9 million from Ethereum (ETH), and $21.24 million from Solana (SOL).

Note: I mentioned an important project in the pinned tweet. I definitely recommend you to read it.