The crypto market is in panic with a market-wide crash that has shocked Bitcoin and altcoins. As the Bitcoin price continues to fall support after support, tens of thousands of traders have lost their positions, resulting in hundreds of millions of dollars in losses on the last day alone.
Crypto market liquidations exceed $290 million
Over the past 24 hours, the Bitcoin price crashed, eventually falling below $57,000 before recovering. However, the damage has already been done, with long traders bearing the brunt of the losses over the past day.
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According to facts from Coinglass, there has been $292.8 million in crypto liquidations in the past day. A total of 105,458 traders have been liquidated, of which 88.61% are long traders. The majority of these liquidations occurred in the last 12 hours after Bitcoin dropped from $61,000 to $57,000 with $204.97 million in liquidations.
Bitcoin alone has seen $91.7 million in liquidations, while the next largest cryptocurrency, Ethereum, followed with $69.86 million in liquidations. The largest liquidation event occurred on the crypto exchange Huobi for the BTC-USD pair, where a single liquidation call lost $10.49 million.
Binance, the largest cryptocurrency exchange in the world, recorded $122.67 million in liquidations, OKX exchange saw $89.83 million in liquidations, and Huobi exchange saw $42.07 million in liquidations. In fourth and fifth place are Bybit and CoinEx with $23.04 million and $9.42 million respectively.
Bitcoin recovery could change the trajectory of liquidations
As mentioned above, the crypto market liquidations have been largely dominated by long trades as the The Bitcoin price has continued to crash. However, with the price showing a tendency to rise again, rising above $57,900 at the time of writing, shorts are starting to feel the heat.
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Coinglass data shows that the number of long liquidations has fallen from 88.61% in the last 24 hours to 56.48% in the last hour. If the price continues to rise, short traders spurred by the bearish wave could see more crashes from here.
Despite the positive sentiment eroding, Bitcoin’s daily trading volume has seen a remarkable 50% increase, bringing it to $37.59 billion. So far, the bulls appear to be developing support, making it important to hold if the recovery is to continue from this point.
Bitcoin is currently trading at $57,909, down 3.87% over the past day. It is down 5.23% on the weekly chart and 15.95% on the monthly chart.
Featured image created with Dall.E, chart from Tradingview.com