According to CoinGlass, an eye-popping $963 million worth of crypto has been liquidated over the past 24 hours alone.
This is the biggest amount of liquidated crypto since early March. Back then, more than $1.1 billion was liquidated in the span of a single day after BTC tumbled 10% shortly after reaching new highs.
Long positions have accounted for the vast majority of this massive wipeout ($772 million).
On Saturday, the price of Bitcoin flash-crashed more than 8% due to growing tensions in the Middle East. Iran launched hundreds of drones and missiles at Israel in a retaliatory attack.
Gamza KhanzadaevThe largest single liquidation order took place on Binance, amounting to a whopping $8.46 million.
Overall, roughly 260,000 cryptocurrency traders have been liquidated over the past 24 hours during one of the crypto market's worst crashes in years.
Notably, OKX is ahead of Binance in terms of total liquidations ($412 million and $365 million, respectively). Huobi, BitMEX, CinEX, and Bitfinex are also among the top cryptocurrency exchanges when it comes to total liquidations.
As reported by U.Today, major altcoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), managed to see a brief relief rally, which resulted in some short positions being liquidated. However, the total cryptocurrency market cap is still down significantly over the past day, and it's unclear whether or not it will be able to recover in the near future.
Bitcoin (BTC) and Ethereum (ETH) are, of course, in the lead when it comes to total liquidations. Solana (SOL) and DOGE come in third and fourth places, respectively.
Godfrey Benjamin
Dan Burgin
Vladislav Sopov