The cryptocurrency market experienced a significant downturn recently, resulting in over $230 million in liquidations within a 24-hour period. This had a substantial impact on over 100,000 traders, with the largest single liquidation occurring on the OKX platform, totaling $5.26 million.
Bitcoin was at the forefront of these liquidations, accounting for $51.25 million, followed by Ethereum at $30.44 million. Other cryptocurrencies such as Dogecoin and Solana also saw substantial liquidations, amounting to $13.94 million and $11.25 million, respectively. Exchange-wise, Binance recorded the highest liquidations at $104.13 million, with OKX and Bybit following at $66.12 million and $43.37 million.
During this time, long positions accounted for $144.53 million in liquidations, while short positions totaled $86.06 million. The overall market capitalization of the crypto market currently stands at $2.25 trillion, with Bitcoin dominating at 60.4%. Despite trading at $68,886, which is 6% below its all-time high, Bitcoin experienced a slight 0.6% increase over the past 24 hours, with a trading volume of $34.98 billion.
This recent market volatility serves as a reminder of the unpredictable nature of the cryptocurrency market. Traders and investors should exercise caution and be prepared for sudden price fluctuations and potential liquidations. It is crucial to stay informed about market trends and developments to make well-informed decisions when trading or investing in cryptocurrencies.
