Bitcoin has started the new week on a rather bearish note after a sudden crash pushed the price back below $69,000. Since then, there has been some recovery in the price of the largest cryptocurrency in the space. However, the damage has already been done as tens of thousands of crypto traders were driven out of their leveraged positions as a result.
81,000 crypto traders lose $220 million
The Bitcoin flash crash reached support just above $68,800, but crypto traders are already feeling the brunt of the big move. Over the past day, more than 81,000 traders have lost their leveraged positions and the volume of their liquidations has increased.
According to facts from Coinglass, the numbers have risen above 81,400 crypto traders who were liquidated as a result of the crash. In total, over $223 million was also lost from all flushed positions during this period. Subsequently, the largest liquidation took place on the OKX exchange for the ETH-USD-SWAP pair. This trader alone lost $7 million when his position was liquidated.
As expected, the majority of losses have come from long traders, with Coinglass showing a total of 70.01% of liquidated positions being longs. This means that long liquidation volumes have risen above $156 million in the last 24 hours.
The crypto exchange with the largest liquidation volumes was the OKX exchange, accounting for 46.87%, or $104.61 million, of all liquidations. Binance came in second with 38.72%, or $86.41 million. Meanwhile, Bybit saw the third-largest liquidation volume at 8.4%, or $18.75 million.
Bitcoin, Ethereum and Dogecoin lead liquidations
The crypto assets with the largest liquidation volumes are of course Bitcoin and Ethereum, with $36.1 million and $28.98 million. However, meme coins like Dogecoin and PEPE have also seen their own numbers rise.
Dogecoin’s liquidation volume reached $10.4 million over a 24-hour period, putting it ahead of Solana with $8.3 million. Next comes PEPE behind Solana, with liquidation volumes reaching $7.1 million.
In all these cryptocurrencies, long traders continue to suffer huge losses. Even in the shorter time frame, the trends for long traders continue to look bleak. Coinglass data shows that long traders were responsible for 85.64% of liquidations over the past twelve hours. Then, in the 4-hour and 1-hour time frames, they are responsible for 6.182% and 72.62% respectively.
As for the Bitcoin price, the bulls continue to struggle as the resistance rises to $69,500. The price is currently trading at $69,450 at the time of writing, down 1.1% in the past day, according to data from Coinmarketcap.
BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com
Featured image of Coinpaprika, chart from Tradingview.com
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