- Bitcoin tumbled to $80,000 amid massive liquidations in the crypto market.
- Cryptocurrencies experienced a massive $619M in liquidations.
- BTC, ETH, XRP, SOL, DOGE, and ADA experienced the highest liquidations.
Bitcoin’s price crashed to $80,000 on Sunday, leading to massive liquidations across the cryptocurrency market.
New data from Coinglass, a cryptocurrency data analytics platform, now shows that the crypto market experienced liquidations totaling $619 million within just 24 hours. These widespread liquidations affected both long and short positions across almost all top cryptocurrencies.
222,650 Traders Liquidated in 24 Hours; Binance Sees Largest Single Liquidation
A closer look provided by the data analytics platform reveals that crypto market behavior over the last 24 hours resulted in the liquidation of 222,650 traders. Notably, the largest single liquidation occurred on the Binance cryptocurrency exchange.
This involved a BTCUSDT trade valued at $32.09 million. However, Binance actually ranked second among crypto exchanges with the highest liquidations overall.
Bybit Leads Exchanges in Liquidations, Followed by Binance, Gate.io, OKX, HTX
As of the time of writing, Coinglass data showed that Bybit experienced the highest liquidation. Specifically, $206.46 million was liquidated in both long and short positions on Bybit.
Binance followed with a $192.17 million liquidation volume. Trailing behind, Gate.io, OKX, and HTX experienced $92.49 million, $76.55 million, and $36.13 million in liquidations, respectively. These five exchanges made up the top five crypto exchanges by asset liquidation in the past 24 hours.
Bitcoin Leads Liquidation Charts at $240M, Followed by ETH, XRP, SOL, DOGE, ADA
Looking at individual cryptocurrencies, Bitcoin dominated the liquidation charts. A staggering $240.69 million worth of Bitcoin trades were liquidated during the period reviewed. This price action sent Bitcoin’s price plummeting to $80,000, marking a 7.4% loss.
Ethereum was second with $108.56 million in liquidation. XRP followed with $30.79 million worth of trades liquidated.
Altcoins Account for $70M in Liquidations; Long Positions Hit Hardest
SOL, DOGE, and ADA were also among the top cryptos with the highest liquidations. They recorded $26.58 million, $21.94 million, and $13.33 million, respectively. Coinglass data further shows that other altcoins accounted for $$70.47 million of the total crypto market liquidation within the reviewed period.
Finally, it also revealed that long positions accounted for $527.08 million. In contrast, the market movement only led to the liquidation of $93.01 million in short trades.
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