Over the past 24 hours, the price of Bitcoin has plummeted, eventually falling below $57,000 before recovering again. However, the damage has already been done, with long traders suffering the biggest losses over the past day.
According to Coinglass, $292.8 million worth of crypto liquidations were recorded over the past day. A total of 105,458 traders were liquidated, of which 88.61% were long traders. Most liquidations occurred in the past 12 hours when Bitcoin fell from $61,000 to $57,000, with liquidations amounting to $204.97 million.
Bitcoin alone has seen $91.7 million in liquidations, followed by the second-largest cryptocurrency Ethereum with $69.86 million in liquidations. The largest single liquidation event occurred in the BTC-USD pair on the Huobi cryptocurrency exchange, with a single liquidation call resulting in a loss of $10.49 million.
Binance, the world's largest cryptocurrency exchange, had a liquidation amount of $122.67 million, OKX had a liquidation amount of $89.83 million, and Huobi had a liquidation amount of $42.07 million. Bybit and CoinEx ranked fourth and fifth, with liquidation amounts of $23.04 million and $9.42 million, respectively.
