The crypto market faced intense volatility in the past 24 hours, with total liquidations reaching $535.53 million (₱31.2 billion), affecting 169,591 traders. Bitcoin dropped nearly 5% to $97,102, while altcoins like Ethereum (ETH) and Solana (SOL) also saw significant losses.
The largest single liquidation was an ETHUSDT position worth $17.74M on Binance, underscoring the scale of leveraged trading risks in the current market.
By the numbers:
- Total Liquidations:
- Bitcoin: $81.69M
- Ethereum: $98.30M
- Solana: $21.15M
- Dogecoin: $18.12M
- XRP: $11.55M
- Time-based Liquidations:
- 1 hour: $4.70M
- 4 hours: $55.88M
- 12 hours: $447.22M
- 24 hours: $535.53M
- Long vs. Short Liquidations:
- Long: $479.49M
- Short: $56.04M
Exchange Breakdown (4 Hours):
- OKX: $22.66M (84.69% Long)
- Binance: $21.43M (76.54% Long)
- Bybit: $9.55M (76.68% Long)
- HTX: $990.73K (82.17% Long)
- CoinEx: $899.81K (61.85% Short)
Liquidations happen when an exchange forcefully closes a trader’s leveraged position because the trader can no longer meet margin requirements. This typically occurs when the market moves against the trader’s position, leading to losses that exceed their posted collateral.
- Leveraged Trading: Traders borrow funds to increase their potential gains, but this amplifies risk. While profits can be substantial, losses can quickly escalate.
- Margin Calls: If the market moves unfavorably, traders receive a margin call—a demand to deposit additional funds to maintain their position. Failure to do so results in the exchange automatically liquidating the position.
Context: Bitcoin’s dip to $97,102 represents a 4.8% loss over 24 hours, with selling pressure driven primarily by long liquidations. Altcoins like Ethereum and Solana were hit harder.
These are the market prices as of 9:00 am:
This article is published on BitPinas: Crypto Liquidations Surge to $535M as Bitcoin Falls Below $98K
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