Key Points
- Bitcoin’s recovery to $69,000 led to crypto liquidations worth around $150 million across various exchanges.
- Notcoin, a new entrant to the crypto market, saw massive losses of $21.63 million.
Bitcoin (BTC) saw a significant rebound to $69,000 within the last 24 hours, triggering a series of liquidations across various crypto exchanges.
These liquidations amounted to around $150 million.
Bitcoin’s Rapid Rise
The world’s largest crypto asset by market capitalization experienced a sudden surge to $69,000 on Monday morning, before slightly dropping below this level.
This rise led to the closure of positions by approximately 74,668 traders who had bet against BTC, causing millions of dollars to be liquidated to prevent further losses.
Long traders were hit the hardest, reporting losses of about $83.91 million, while short positions worth around $60.22 million were liquidated.
Liquidation Events Across Exchanges
According to data from CoinGlass, the largest single liquidation order happened on Bybit, a Singapore-based crypto exchange.
A trader on this platform lost about $9 million in a single trade within the past day. The data also indicated that all the liquidations took place solely on centralized exchanges.
Binance, OKX, and Bybit were the main contributors to the total liquidation, with Binance leading.
Binance lost approximately $67 million within the last day, accounting for about 44.74% of the total loss, while OKX and Bybit lost more than $46 million and around $20 million, respectively.
Impact on Blockchain Networks
In terms of network performance, the Bitcoin protocol was most affected with $34 million liquidated from the ecosystem.
Other blockchain networks like Ethereum (ETH) and Solana (SOL) also faced significant liquidations, ranging from $18.11 million to $5.20 million.
Notcoin (NOT), a newcomer to the crypto market, suffered massive losses of $21.63 million.
This digital asset, which aims to revolutionize the crypto industry, saw a huge surge of over 52% in the last 24 hours, leading to massive liquidations for traders who bet against its performance.
Notcoin’s Performance
Over the last 24 hours, NOT surprised investors by gaining more than $4.673 billion in trading volume.
Despite the negative market sentiment over the past week, NOT managed to break through the decline, soaring over 275% in one week.
The token reached an all-time high of $0.027 on Sunday. However, at the time of writing, NOT has slightly declined and is now trading around $0.02064.
