Bitcoin has started out the new week on a rather bearish note After a second flash crash, the price fell below $69,000. The price of the most important cryptocurrency in this space has been recovering since then. But the damage is already done. Tens of thousands were forced to exit their leveraged crypto positions.
Eighty-one thousand crypto traders lose $220 million
Bitcoin traders feel the effects of the massive move. Over 81,000 traders lost leveraged positions in the past day and liquidated their assets.
As per data Coinglass reports that the number of crypto traders liquidated by the crash has risen to over 81.400. Over $223 million in total was lost from the liquidated positions. The biggest liquidation occurred on OKX across the ETH/USD-SWAP pairs. The trader who liquidated their position alone lost $7 million.
Coinglass showed that a total 70.01% were liquidated long positions. Long liquidation volume surpassed $156m in the last 24h.
Crypto exchanges with highest liquidation volume was OKX exchangeThe total amount of liquidations accounted for 46.87% or $104,61 million. Binance ranked second, with a 38.72% share or $86.41 Million. Bybit had the third largest liquidation volume, at 8.4% or $18.75million.
Bitcoin, Ethereum, and Dogecoin lead Liquidations
Bitcoin is the asset with the highest liquidation volume. EthereumWith $36.1 million, and $28,98 million. Meme coins, such as Dogecoin PEPE and their own The numbers are also increasing.
Dogecoin has liquidated $10.4 million in 24 hours, which puts it above the average. Solana With $8.3 Million. Solana was followed by PEPEThe liquidation volume has risen to $7.1 Million.
Long traders are continuing to experience massive losses across all these crypto currencies. Long traders’ trends continue to be bleak, even in the short-term. Coinglass data indicates that during the 12 hour period, 85.64% liquidations were accounted by long traders. In the four-hour and one-hour timeframes they are responsible for 6,182% and 72.622% respectively.
What about the Bitcoin priceBulls are continuing to battle as $69,500 resistance mounts. According to Coinmarketcap, the price of bitcoin is trading at $69450 as we write this, and has fallen by 1.1% in the past day.
BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com
Chart by Tradingview.com. Image from Coinpaprika.
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