Crypto Liquidations Hit $1.7 Billion As Bitcoin Crashes Below $113,000

Data shows the cryptocurrency derivatives market has seen liquidations of a whopping $1.7 billion as Bitcoin and other assets have ￰0￱ Has Erased Its Recent Recovery With A Drop Under $113,000 Last week, things looked to be on the up for Bitcoin as its price approached the $118,000 level, but the end of the week brought a setback for the ￰1￱ new week appears to have only accelerated the decline, as the cryptocurrency has opened Monday with a sharp plummet to the low $112,000 ￰2￱ below chart shows how Bitcoin’s recent performance has ￰3￱ bearish momentum hasn’t been limited to ￰4￱ (ETH) and the altcoins have also plummeted during the past day, with most of them observing larger losses than ￰5￱ the top coins, Dogecoin (DOGE) and Chainlink (LINK) have suffered the largest drops at 10.5% and 9%, ￰6￱ is usually the case, the market-wide volatility has meant that chaos has ensued over on the derivatives ￰7￱ Market Liquidations Have Neared $1.7 Billion According to data from CoinGlass , the cryptocurrency derivatives market has witnessed an extraordinary amount of liquidations during the past day. “ Liquidation ” here refers to the forceful closure that any open contract undergoes after it has amassed losses of a certain degree (as set by the platform).

Since the price action has been majorly to the downside during the past day, the positions incurring losses would be the bullish ￰8￱ indeed, as the below table shows, the latest liquidations have been extremely lopsided toward long ￰9￱ total, the cryptocurrency market has seen a flush of $1.67 billion inside this window, out of which $1.59 billion of the liquidations involved long ￰10￱ about 5% of the liquidations ($83 million) affected ￰11￱ terms of the individual symbols, Ethereum seems to have contributed the most to the squeeze with $496 million in ￰12￱ generally tops this chart, but the asset has seen a flush of just $285 million, more than $200 million less than ETH’s ￰13￱ latter’s dominance may be a result of its sharper price decline of 7%, as well as the fact that the cryptocurrency has been getting more speculative attention ￰14￱ (SOL) has been the third largest asset in terms of the metric, with a figure of about $95 ￰15￱ (XRP), which has a larger market cap than SOL, is behind at $78 ￰16￱ rounds out the top five with liquidations of $61 ￰17￱ liquidation events aren’t exactly a rare sight in the cryptocurrency sector, owing to the fact that coins can be volatile, and leverage can be easily ￰18￱ for the standards of the market, however, this latest squeeze has been an outlier in its scale.