According to Bybt data, an eye-popping $9.6 billion worth of crypto has been liquidated over the past 24 hours, up 274 percent from the previous day.
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Bitcoin, the flagship cryptocurrency, collapsed to an intra-day low of $51,541 03:36 a.m. UTC on the Bitstamp exchange, trimming over $10,000 within 24 hours.
In spite of the coin's swift recovery to the $56,000 level, long positions account for 89.5 percent ($3.7 billion) of all liquidations within the last hour.
Binance, the largest exchange by daily trading volume, is responsible for 49 percent of the wipe-out, with $4.7 billion worth of liquidations.
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Other cryptocurrencies are getting clobbered harder than Bitcoin, with XRP and Litecoin collapsing almost 20 percent.
Dan Burgin
Vladislav Sopov