Over the past 24 hours, the cryptocurrency market has witnessed substantial liquidations totaling $223.34 million. Prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have experienced significant price declines, indicating increased volatility and market instability.
Bitcoin has been at the forefront of these liquidations, with $84.20 million worth of BTC wiped off the market. This translates to approximately 1,180 BTC being taken out of circulation. The high volatility of Bitcoin has resulted in substantial losses for margin traders, making BTC transactions riskier as market fluctuations intensify.
Following closely behind, Ethereum saw $35.13 million in liquidations, resulting in the removal of 13,410 ETH from the market. ETH generally moves in tandem with BTC and is also influenced by developments in the DeFi and NFT sectors, contributing to price volatility.
The wave of liquidations has also affected altcoins such as Solana, Dogecoin, and Sui. Solana experienced a loss of $16.18 million, while Dogecoin saw a liquidation of $14.18 million, making them among the hardest-hit altcoins. Significant liquidations were also observed across various other altcoins.
Most of these liquidations occurred on major exchanges, with Binance leading the way with $124.13 million in liquidations. This was followed by OKX, HTX, and Bybit, which experienced liquidations of $56.39 million, $21.07 million, and $10.96 million respectively.
Throughout this process, a total of 64,568 traders incurred losses. An $18 million liquidation of the BTC/USDT pair on Binance exemplified the potential risks associated with leveraged trading.
This significant wave of liquidations serves as a reminder of the volatile nature of the cryptocurrency market. Traders should remain vigilant of the risks involved and adapt their strategies according to market conditions.
For more news, you can follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a certain level of risk. It is advisable to conduct thorough research before making any investment decisions.
