Early on Monday morning, bitcoin price plunged another 5% to fall to the $61,000 level. This very sudden drop has taken investors by surprise, causing a massive wave of liquidations. As volume continues to increase, cryptocurrency liquidation figures have skyrocketed towards $300 million in just 24 hours.
91,000 crypto Traders Lose $282 Million Amid bitcoin Crash
Coinglass data has shown that tens of thousands of cryptocurrency traders lost their leverage positions in the last day, leading to hundreds of millions of dollars in liquidations. This comes with the decline of the cryptocurrency market, driven by the decline of bitcoin.
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So far, the number of traders who have lost their positions has exceeded 91,000, and just over $282 million has been lost since then. With the bitcoin and cryptocurrency market crashing, the majority of these liquidations came from long traders, with an overwhelming 91.59%.
As expected, bitcoin has seen the highest liquidation volumes at $103 million. ethereum follows in second place with $64 million, while Solana takes third place with $13 million. Settlements from others have also exceeded $38 million during this time.
Binance accounts for around 35% of the total liquidations with $102.9 million, while the OKX exchange has recorded $82 million in liquidations. Huobi, Bybit and Bitmex occupy the third, fourth and fifth position with $47.72 million, $21.33 million and $15.15 million, respectively. While the largest liquidation order took place on the Bitmex exchange, where a trader lost $10 million on the XBTUSDT pair.
At the time of writing, most of the liquidation had taken place in the last 12 hours alone, accounting for $230 million of the $282 million recorded. Meanwhile, in the last hour, settlement volumes have exceeded $102.5 million.
Despite the notable liquidation volumes, the last 24 hours are still not the worst day of the month of June. Since June was plagued with declines, there have been notable liquidation trends during the month. For example, on June 7, liquidation volumes reached $360 million as the price of bitcoin fell from $71,000 to $68,000.
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Furthermore, on June 18, 24-hour settlement volumes exceeded $300 million as the price of bitcoin fell from $67,000 to $64,000. If the price of bitcoin continues to fall, then these liquidation volumes could continue to rise rapidly and reaching $300 million could only be a matter of when and not if.
bitcoin price is currently struggling to hold $61,000, with a drop of approximately 5% in the last 24 hours. If the bulls fail to hold this support level, the possibility of the price falling to the $50,000 territory becomes much higher.
Featured image created with Dall.E, chart from Tradingview.com
