Over the past 24 hours, the cryptocurrency market witnessed a substantial amount of liquidations, totaling $223.34 million. Bitcoin (BTC) and Ethereum (ETH), the two major cryptocurrencies, experienced sharp declines in their prices, highlighting the increased volatility and instability of the market.
Bitcoin took the lead in liquidations, with $84.20 million worth of BTC being wiped off the market. This translates to approximately 1,180 BTC being removed from circulation. The high volatility of Bitcoin has resulted in significant losses for investors involved in margin trading, making BTC transactions even riskier as market fluctuations intensify.
Ethereum closely followed Bitcoin, with $35.13 million in liquidations leading to the removal of 13,410 ETH from the market. ETH generally moves in tandem with BTC and is also influenced by developments in the DeFi and NFT sectors, contributing to its price volatility.
Other cryptocurrencies were also affected by the liquidation wave. Solana faced a loss of $16.18 million, while Dogecoin saw a liquidation of $14.18 million. These altcoins were among the hardest hit. Significant liquidations were reported across various other altcoins as well.
The majority of liquidations occurred on major exchanges, with Binance leading the way at $124.13 million. This was followed by OKX, HTX, and Bybit, which experienced liquidations of $56.39 million, $21.07 million, and $10.96 million, respectively.
Throughout this process, a total of 64,568 traders suffered losses. An $18 million liquidation of the BTC/USDT pair on Binance exemplified the potential risks associated with leveraged trading.
This significant wave of liquidations serves as a reminder of the volatile nature of the cryptocurrency market. Traders should remain cautious of the risks involved and adjust their strategies according to market conditions.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.