Blood On The Streets As Crypto Market Liquidations Cross $600 Million
Liquidations across the crypto market have quickly added up in the last day. Bitcoin had dropped below $22,000, triggering rapid losses for traders. These traders had obviously been following the recent bullish trend in the market but are now paying dearly for it. More than 150,000 traders have now lost their positions, leading to one of the worst liquidation trends to be recorded in 2022.
More Than $600 Million In Crypto Liquidated
The rate of liquidations over the past day has begun to concern investors in the market. It shows just how much traders had begun to trust in the market recovery. However, this has proven to be a wrong move, with bitcoin now trading in the mid-$21,000s.
Data from Coinglass shows that 168,586 trades have been liquidated in the past day. A cumulative $602.71 million has been lost by traders, with the vast majority of this coming in the last 12 hours alone at the time of this writing. Understandably, most of these liquidations were long liquidations, with further data showing that 88.85% of all trades had been long trades.
In the last 12 hours alone, liquidations have come out to a total of $435.54 million. It is one of the worst liquidations in 2022 so far. The last time liquidations reached this high was back in June when bitcoin had fallen from $30,000, ending up at $17,6000 before recovery.
Market liquidations ramp up | Source: Crypto Total Market Cap on TradingView.com
Liquidations from bitcoin in the last day were more than $223 million, amounting to 10.38K in BTC liquidated. Crypto exchange Okex has accounted for almost half of all of the BTC liquidations at 48.47%, and 98.88% of those being long trades.
Altcoins Not Left Out Of Slaughter
While bitcoin saw more liquidations in the crypto market, it doesn’t mean that altcoins were left out of the bloody start to Friday. Naturally, the rest of the crypto market follows the price of bitcoin, and with the downtrend, other altcoins have followed suit.
Ethereum was the second hardest hit in the market. Trailing behind bitcoin, the altcoin saw a total of 95.56K ETH liquidated in the last day, coming out to a total of $161.93 million. On the 4-hour chart, ETH liquidations have surpassed BTC with $30.43 million for the former and $21.04 million for the latter.
Others who have seen large liquidations in the past day include Ethereum Classic (ETC), Solana (SOL), and Filecoin (FIL). Each of these cryptocurrencies has recorded $25.63 million, $14.80 million, and $12.45 million in liquidations, respectively.
Others have seen below double-digital liquidations with Dogecoin leading the pack. It came out to $9.65 million for DOGE, $7.19 million for ADA, and $5.33 million for LINK. XRP and AVAX complete the list for the top 10 with liquidations of $5.19 million and $5.17 million, respectively.
Featured image from Wamda, chart from TradingView.com
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