Over a billion dollars worth of cryptocurrency has been liquidated in the last 24 hours, according to cryptocurrency futures trading and information platform Coinglass, as Bitcoin (BTC) currently trades below $36,000.
As per a report by Coinglass, in the past 24 hours, 367,707 traders were liquidated and the largest single liquidation order happened on Bitmex – XBTUSD value $9.31M.
Bitcoin (BTC) takes the lead with $410.28 million in liquidations, followed by Ethereum (ETH) and Solana (SOL) with $334.13 million and $40.21 million in liquidations, respectively.
Polkadot (DOT), an interoperability blockchain platform, is in fourth place with $25.61 million in liquidated holdings. Terra (LUNA), a decentralized financial payment network, comes next, with $23.66 million in liquidations.
Ripple (XRP) $16.48 million, Dogecoin (DOGE) $15.22 million, Fantom (FTM) $14.91 million, Cardano (ADA) $14.48 million, Cosmos (ATOM) $13.80 million, Binance Coin (BNB) $13.49 million, and Near Protocol (NEAR) $13.18 million round out the top ten.
Over 81% of the $1.2 billion in liquidations occurred on long positions. Crypto exchanges like Binance $348.05M, Okex $343.97M, FTX $225.28M, Bybit $103.49M, Bitmex $60.50M, Deribit $53.68M, Huobi $47.80M, Bitfinex $17.80M experienced the respective liquidations.
What caused this crypto menace?
The market witnessed one of the highest ever single-day liquidations today, since the opening of the market to the time of this report. Bitcoin, which has about $410.28 million in liquidated contracts, is one of the most important components in a market downturn. Bitcoin used to create a large red candle on every significant liquidation, which had a rippling impact on the rest of the market.
Following this was the decision by one of the biggest economies (Russia) who suggested banning of usage and mining of cryptocurrencies on the territories of Russia. This caused a severe blow to the head since Russia is the world’s 3rd largest bitcoin miner who issued and raised environmental concerns.
At the time of writing, nearly all of the top ten cryptocurrencies were trading within 10% of their all-time highs, with Bitcoin dropping about 8%. It has not only lost its $40.5k support, but it has also tested the key level of $38k and continues to plummet.