bitcoin has started the new week on a rather bearish note after a sudden drop sent the price below $69,000 once again. Since then, there has been some recovery in the price of the largest cryptocurrency in the sector. However, the damage has already been done, as tens of thousands of cryptocurrency traders were kicked out of their leveraged positions as a result.
81,000 cryptocurrency traders lose $220 million
bitcoin flash crash hit support just above $68,800, but cryptocurrency traders are already feeling the brunt of the big move. In the last day, more than 81,000 traders lost their leveraged positions and the volume of their liquidations piled up.
According data According to Coinglass, the numbers have surpassed 81,400 cryptocurrency traders who were liquidated as a result of the crash. In total, more than $223 million was also lost during this time due to all the emptied positions. Then, the largest liquidation took place on the OKX exchange in the eth-USD-SWAP pair. This trader alone lost $7 million when his position was liquidated.
As expected, the majority of losses came from long traders, with Coinglass showing that a total of 70.01% of liquidated positions were long. This means that long-term settlement volumes exceeded $156 million over the last 24 hours.
The cryptocurrency exchange with the highest liquidation volume was the OKX exchange, which accounted for 46.87%, or $104.61 million, of all liquidations. Binance came in second with 38.72%, or $86.41 million. Meanwhile, Bybit recorded the third-highest liquidation volume at 8.4%, or $18.75 million.
bitcoin, ethereum and Dogecoin lead liquidations
Naturally, the crypto assets with the highest settlement volumes have been bitcoin and ethereum, with $36.1 million and $28.98 million. However, meme coins like Dogecoin and PEPE have also seen their numbers increase.
Dogecoin liquidation volumes amounted to $10.4 million during the 24-hour period, putting it ahead of Solana with $8.3 million. Then, behind Solana is PEPE, with settlement volumes reaching $7.1 million.
In all of these cryptocurrencies, long-term traders continue to suffer massive losses. Even on the shorter time frame, the trends for long-term traders still look bleak. Data from Coinglass shows that in the last 12 hours, long traders accounted for 85.64% of liquidations. Then, in the periods of 4 hours and 1 hour, they represent 6.182% and 72.62%, respectively.
As for bitcoin price, the bulls continue to struggle as resistance rises to $69,500. The price is currently trading at $69,450 at the time of writing, down 1.1% in the last day, according to data from Coinmarketcap.
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btc price drops below $70,000 | Source: BTCUSD on Tradingview.com
Featured image of Coinpaprika, chart from Tradingview.com
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