Key Points
- Bitcoin (BTC) and Ethereum (ETH) led a $130M crypto liquidation in a single day.
- Binance experienced the largest single liquidation order of $5.71 million.
The cryptocurrency market faced a significant downturn over the weekend, with Bitcoin (BTC) and Ethereum (ETH) at the forefront, despite a slight recovery from the previous week’s lows of $57,000 and $2,700, respectively. This decline led to a $131 million liquidation from 71,245 traders across various centralized crypto exchanges (CEXs), including Binance, OKX, Bybit, and HTX (formerly known as Huobi Global). CoinGlass data shows that Bitcoin had $24.3 million liquidated, while Ethereum traders lost $19.09 million within a 24-hour period.
Impact on Other Digital Assets
Traders who invested in other digital assets such as Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, and Worldcoin (WLD) also suffered losses, totaling approximately $34.90 million.
Long traders, who anticipated an increase in cryptocurrency prices within the last 24 hours, lost over $100 million. In contrast, short traders, who expected a further market decline, only recorded $34 million.
The largest single liquidation order occurred on Binance, where $5.71 million was liquidated from the exchange.
In just one hour, a staggering $7.26 million was liquidated across exchanges, with OKX leading. This exchange saw approximately $3.2 million in liquidation, closely followed by Binance, where over $2 million was drained from the platform in just 60 minutes.
During this same hour, Bitcoin liquidations were around $3 million, while Ethereum saw approximately $1.29 million drained from the protocol.
Recovery Signs
Despite the recent market downturn, resulting in over $130 million being liquidated, the crypto market’s current market capitalization stands at approximately $2.26 trillion.
Over the weekend, Bitcoin’s price hovered around $60,000. However, at the time of writing, the crypto asset has shown a slight recovery and is trading around $61,563, marking a 1.10% increase in the past 24 hours.
According to CoinMarketCap data, Bitcoin’s market cap is currently at $1.21 trillion, with its 24-hour trading volume at $18.1 billion. This figure represents a significant 41.22% increase compared to the values recorded on Sunday.
Ethereum, the second-largest player in the crypto industry after Bitcoin, has also shown signs of recovery. On Monday morning, the digital asset reached $2,928, indicating a slight improvement.
Other altcoins, such as Binance Coin (BNB), Toncoin (TON), and Cardano (ADA), are also on the recovery path, following the upward trend in the market.
