Market plunge leads to over $1 billion in crypto liquidations
The cryptocurrency market experienced a significant downturn, resulting in crypto liquidations surpassing the $1 billion mark within 24 hours. Coinglass data reveals that total cryptocurrency liquidations reached $1.05 billion during this period, with the majority of the liquidations coming from long positions. This defied traders’ expectations of a further surge in prices.
Specifically, $797 million in long positions and $257 million in short positions were liquidated across all exchanges in the past day, according to Coinglass. Bitcoin alone witnessed $309 million in liquidations, with $211 million from long positions and $98 million from short positions.
It is worth noting that Bitcoin achieved a new all-time high of $69,170 on March 5. However, shortly after the rally, traders swiftly withdrew their trading positions, totaling over $142 million, within just one hour of reaching this peak. In a similar vein, a trader liquidated $1.04 million in BTC on Bybit as the asset’s price rebounded to $66,500.
Binance leads the chart in terms of liquidations, with $403 million, followed by OKX and Bybit with $366 million and $106 million in liquidations over the past 24 hours, respectively.
As the crypto market undergoes a correction, the total open interest has declined by 0.65%, currently standing at around $67 billion, according to Coinglass data.
Overall, these developments highlight the volatility and unpredictability of the cryptocurrency market, as traders navigate the risks and opportunities it presents.
