Thousands of traders have suffered as a result of the crypto catastrophe. Over 240,000 traders have been rekt in the last 24 hours due to a sudden drop in price. As the decline continues, more investors join the long list of losers, the majority of whom were long traders.
The liquidations that have rocked the crypto market in the last 24 hours have been nothing short of cruel. The majority of the liquidations have come from the largest digital assets in the market, but Bitcoin has once again bore the brunt of it.
Long traders who were hoping for additional price recovery had taken a beating in the market. Although the majority of liquidations have been long liquidations, short traders have not been spared. As the price oscillations persist, several traders have been caught off guard and had their positions liquidated in an instant.
So far, approximately 253,000 traders have been liquidated in the last day alone, but this number is constantly increasing. According to Coinglass data, $596.99 million in longs were liquidated, accounting for 63.25% of total rekt volume. While shorts worth $346.86 million have been liquidated, accounting for the remaining 36.75% of losses.
The top players have suffered the most losses in the last 24 hours, as expected. What is more intriguing is the amount of digital assets lost by dealers. More than 16.84K BTC have been liquidated for bitcoin alone. This amounts to $399.38 million. Ethereum follows a nearly same pattern, with 298.96K ETH liquidated for a total of $356.82 million.
Smaller altcoins have not been exempt to the bombardment. Solana, one of the greatest losers in the market’s slump, has seen this transfer into liquidations. Long liquidations have increased as the digital currency has now fallen below $30, resulting in traders losing 699.32K SOL or $18.59 million in the last 24 hours.
FLM lost $11.99 million, GMT lost $7.86 million, ADA lost $7.53 million, and TRX lost $5.85 million. Other noteworthy assets suffered huge losses, with XRP, LUNA, DOGE, and AVAX incurring losses of $5.54 million, $5.19 million, $4.84 million, and $4.72 million, respectively. Litecoin rounded out the top 12 with $4.60 million in liquidations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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