Massive Crypto Liquidation Makes Traders Jittery🤔🤔💰💰💰

According to on-chain data from CoinGlass, about 99,014 traders were liquidated in the last 24 hours and the total liquidation registered comes in at exactly $286.26 million. Precisely, the liquidation on Bitcoin for the 24 hours was $69.2 million with $44.92 million in long trades and $22.29 million in shorts. Ethereum saw more liquidation compared to BTC around the same time. 

The liquidation on ETH was around $91.73 million. Solana (SOL), Dogecoin (DOGE), and other digital assets recorded a liquidation of $40.20 million collectively. For the 1 hour trading period, ETH saw a liquidation of $4.12 million, BTC $1.3 million, and SOL $1.01 million. Other altcoins saw liquidations of a few hundred dollars.

The massive liquidation was seen on several top exchanges including Binance, OKX, ByBit, Huobi, Bitfinex, and others. Meanwhile, the largest single liquidation was recorded on leading cryptocurrency exchange Binance. The specific drivers of this liquidation are still unclear, however, the sentencing of Changpeng ‘CZ’ Zhao might be a factor.