Crypto Carnage: Liquidations Reach Highest Level Since FTX Collapse

According to data provided by CoinGlass, $675 million worth of crypto has been liquidated over the past 24 hours alone. 

Long positions account for the lion's share of liquidated positions ($578 million).

More than $227 million worth of crypto has been liquidated over the past four hours alone. 

During this ongoing crypto carnage, the largest liquidation took place on the Binance exchange, with a single trader losing as much as $18 million. 

Bitcoin has recorded the biggest  amount of liquidations with $184 million worth of long positions and $41 million worth of short positions being wiped out. Ethereum and Solana come in second and third places, respectively. Meme coin Dogecoin has also appeared in the top 5.

When it comes to specific crypto trading platforms, Binance came in first place by the total amount of liquidated crypto with $343.41 million. OKX and Huobi are in second and third places with $171 million and $71 million, respectively.

As reported by U.Today, the most recent crypto crash was exacerbated by a massive transfer initiated by Mt. Gox, the now-defunct crypto exchange. The transfer is part of the Bitcoin distribution process that was announced last month. The market is under severe selling pressure due to speculation that a significant portion of creditors might liquidate their holdings. 

Bitcoin is down more than 8% over the last 24 hours after plunging to $53,350, the lowest level in five months, earlier this Friday. Meanwhile, some major altcoins of the likes of Solana have logged double-digit losses.

The recent market plunge triggered one of the biggest liquidation sprees since the downfall of the FTX exchange back in December 2022. 

Pseudonymous trader DonAlt has predicted that the price of the leading cryptocurrency is unlikely to be back above the $60,000 level anytime soon. Furthermore, he has stated that the odds are good that the top of the current cycle is already in.