The crypto market saw significant liquidations of almost $170 million after Christmas, caused by a slight decline in the value of major cryptocurrencies.
Dates of CryptoSlate indicates that the largest cryptocurrency by market cap, Bitcoin, fell 1.18% to $42,639, reminiscent of the previous week’s price.
Similarly, Ethereum and other major alternative cryptocurrencies such as Tron, Avalanche, XRP and others posted slight losses during the reporting period.
Conversely, some digital assets such as Binance-backed BNB, high-flying Solana and ORDI showed strength with gains of 5%, 3% and 13% respectively.
Solana’s SOL and ORDI are two of the best performing digital assets of the current year. These cryptocurrencies have generated a lot of interest and adoption from the crypto community who are investing heavily in them.
$170 million liquidated
Mint glass facts shows that these asset price movements liquidated $168 million worth of all assets of over 70,000 crypto traders in the past day. Long position holders – traders who bet on price increases – lost $92.16 million, while traders with bearish sentiments were liquidated $76 million during the reporting period.
In terms of assets, speculators on the BTC price saw the most losses of around $26 million in the last 24 hours, with long traders losing $12.48 million and short positions losing $13.03 million. Notably, the top liquidation order was a BTC position worth $3.15 million on BitMEX.
Similarly, Ethereum traders faced losses of around $21 million, while Solana traders also lost around $24 million, with most of the losses suffered by long traders.
Traders who speculated on the ORDI price also suffered losses totaling about $22 million. Long traders of the token faced losses of around $7.5 million, while those betting against the price lost $13.83 million.
Meanwhile, crypto traders using the controversial Binance platform accounted for more than 40% of the market’s total losses. The exchange users lost $72.25 million, followed by OKX with $51.65 million.
Furthermore, traders on Bybit were liquidated for $22.92 million, while Huobi users suffered a total loss of $17.51 million.