In the highly volatile realm of cryptocurrency trading, an astonishing $110 million worth of long positions have been liquidated within a mere 24 hours. Bitcoin and Binance have emerged as the primary contributors to this sweeping wave of liquidation.
This dramatic surge of liquidation follows a tumultuous rollercoaster ride in crypto prices. Bitcoin’s value soared its highest point in 18 months, only to abruptly plummet back to the $34.5K range within a single day.
While writing this report, over $110 million worth of longs in crypto was liquidated in the 24-hour duration.
Coinglass data also indicates that in the same 24-hour period, about $22 million worth of shorts was liquidated. Coinglass outrightly states that;
“In the past 24 hours, 51,553 traders were liquidated, the total liquidations coming in at $132.91 million.”
Bitcoin, of course, represented the largest share of the liquidations, with over $38.85 million worth of longs liquidated in the period. There was a massive liquidation of Ethereum and Solana longs, hitting highs of $21.78 million and $10.7 million, respectively.
As per reports, the most significant single liquidation in the period was in the Bitmex exchange XBTUSD pair, where $2 million was liquidated.
Major crypto exchanges like Binance, OKX, Huobi, Bitmex, and Bybit seemingly led with $67.79 million, $43.15 million, $12 million, $4 million, and $3.83 million in liquidations, respectively.
The ongoing price rollercoaster of crypto tokens fuels the recent liquidation spree in crypto markets. Bitcoin has been through crests and troughs for about a fortnight, peaking at $36K, the price last recorded in May 2022.
On November 1, the price of BTC was merely at a low of $34.25K and moved fast to hit $36K on November 2. However, barely 24 hours after the peak, Bitcoin is back at $34.5K.
This sudden surge and a 4% plunge is the primary reason for the ongoing liquidation of longs. When writing this report, Bitcoin still drops hints of more declines, losing about 2.34% in the past 24 hours.
Ethereum’s demeanor, too, indicates signs of possible continuing price plunges, having lost over 2.1% of its price in the past 24 hours.
In almost the same tone, Cardano and MASK, which have seen massive liquidations in shorts, have recorded positive price actions, gaining 4% and 16%, respectively, in the past 24 hours.
