Key Points
- Bitcoin’s price drop to $67,000 triggered the liquidation of around 76,000 traders, resulting in a total loss of $159 million.
- Majority of the liquidations happened on Binance, which accounted for 48% of the total liquidation.
The digital currency market has faced considerable upheaval this week, with the bulls finding it difficult to sustain momentum due to increased selling pressure. Consequently, Bitcoin (BTC) has descended beneath a crucial support level, a development that experts have cautioned could affect the overall market performance.
On Thursday, the price of Bitcoin plummeted to $67,000, causing extensive liquidations throughout the market. According to CoinGlass data, around 76,000 traders were liquidated, leading to a total loss of $159 million within the last 24 hours.
Massive Liquidations
The majority of these liquidations were long positions, accounting for approximately $125 million. This sudden market downturn caught investors off guard who were expecting BTC’s price to rise.
While long traders bore the brunt of the impact, short traders were not spared either. CoinGlass data reveals that about $34 million of short positions were closed as BTC fell below $68,000 again.
The total loss of $159 million was accounted for by liquidations across centralized exchanges. Binance, the world’s biggest crypto exchange, was hit the hardest, accounting for about 48% of the total liquidation.
Exchange Impact
Binance, which is currently led by Richard Teng, witnessed roughly $78 million disappear from the platform in the past 24 hours. Moreover, the largest single liquidation order, valued at around $2.69 million, happened on Binance.
Besides Binance, OKX also contributed significantly to the liquidation, with $51.68 million being wiped off from the platform, accounting for about 32% of the total liquidation.
Other exchanges like Bybit, Huobi Global (now rebranded to HTX), and CoinEx also had substantial contributions to the $159 million liquidated from the crypto market. CoinGlass data indicates that Bybit lost $13.78 million, while HTX and CoinEx lost over $14 million combined.
Traders who had Bitcoin positions on these exchanges lost approximately $22.9 million, while those who traded Ethereum recorded a loss of around $26.79 million, surpassing that of BTC.
Other cryptocurrencies experienced a combined liquidation of $30.56 million. As Bitcoin continues to depreciate in value, traders are still being liquidated. In the past hour alone, a total of $16.5 million has been wiped out from the market. Long traders took the majority of the hit, losing around $14 million, while short positions only suffered about $2.24 million in liquidation in the past 60 minutes.
The entire crypto market also saw a decrease over the last 24 hours. As per CoinMarketCap, the crypto market is currently valued at around $2.5 trillion, with BTC alone holding the majority market share of $1.33 trillion.
