Early Monday morning, Bitcoin price fell another 5%, falling to the $61,000 level. This very sudden drop has taken investors by surprise and triggered a huge wave of liquidations. As volume continues to rise, cryptocurrency liquidation figures have soared towards $300 million in just 24 hours.
91,000 Crypto Traders Lose $282 Million in the Bitcoin Crash
Have data from Coinglass shown that tens of thousands of crypto traders have lost their leveraged positions in the past day, leading to hundreds of millions of dollars in liquidations. This comes with the decline of the crypto market, spurred by the Bitcoin crash.
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To date, the number of traders who have lost their positions has passed 91,000, and just over $282 million has been lost since then. Due to the Bitcoin and crypto market crash, the majority of these liquidations have come from long traders, with an overwhelming 91.59%.
As expected, Bitcoin has seen the largest liquidation volume at $103 million. Ethereum follows in second place with $64 million, while Solana comes in third with $13 million. Liquidations of others have also exceeded $38 million during this period.
At $102.9 million, Binance is responsible for about 35% of the total liquidations, while the OKX exchange has recorded $82 million in liquidations. Huobi, Bybit and Bitmex are in 3rd, 4th and 5th positions with $47.72 million, $21.33 million and $15.15 million respectively. While the largest liquidation order occurred on the Bitmex exchange, where a trader lost $10 million on the XBTUSDT pair.
At the time of writing, the bulk of the liquidation had taken place in the last twelve hours alone, amounting to $230 million of the $282 million recorded. Meanwhile, liquidation volumes have passed $102.5 million in the past hour.
Despite the notable liquidation volumes, the last 24 hours are still not the worst day for the month of June. Since June was full of crashes, there were notable liquidation trends for the month. For example, on June 7, liquidation volumes reached $360 million as the Bitcoin price crashed from $71,000 to $68,000.
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On June 18, 24-hour liquidation volumes once again exceeded $300 million as the Bitcoin price fell from $67,000 to $64,000. If the Bitcoin price continues to fall, these liquidation volumes could continue to rise rapidly and reaching $300 million could only be a matter of when and not if.
Bitcoin price is currently struggling to hold $61,000, down around 5% in the past 24 hours. If the bulls fail to hold this support level, the possibility of the price falling towards the $50,000 area becomes much higher.
Featured image created with Dall.E, chart from Tradingview.com