MASSIVE LIQUIDATION Of $19 MILLION....😱😱

As Reported by Peckshield, The Owner of the wallet address 0x38fe...7e2e was liquidated,

The Total Liqudation Value is at $19 Million

This Massive Liqudation happen when the pull back took place of $vBTC and $vETH on March 17th,

when $BTC slumped to $64.5K.

This huge liquidation included below assets

6,247.4 $vBTC worth of $8.33 Million

156.3K $vETH worth of $11.4 Million

In the past 24 hours , 105,381 traders were liquidated , the total liquidations comes in at $288.97 million

The largest single liquidation order happened on OKX - ETH-USDT-SWAP value $7.11M

What Is Crypto Liquidation? 

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.