Over $448,000,000 in Bitcoin, Ethereum, Solana, Dogecoin and Other Coins Liquidated As BTC Crashes Below $58,000
Release: 2024/05/02 20:00 Reading: 912
Leveraged Traders Suffer Heavy Losses as Bitcoin Plunges Below $58,000
Leverage traders have faced significant losses as Bitcoin (BTC) abruptly plummeted below $58,000, dragging altcoins down in its wake.
According to Coinglass, a crypto data aggregator, over $448,490,000 in liquidations have occurred in the past 24 hours, with more than 84% coming from leveraged long positions.
Major Exchanges Host Bulk of Liquidations
Leading exchange OKX hosted the largest amount of liquidations at $171.28 million, followed by $170.43 million on Binance, the world's top exchange, $45.09 million on Huobi, and $37.22 million on Bybit.
Bitcoin and Ethereum Account for Majority of Liquidations
Coinglass reveals that during the last day, $167.43 million worth of Bitcoin was liquidated, with the overwhelming majority being long positions. The platform also found that $115.48 million worth of Ethereum (ETH), the leading smart contract platform, has been liquidated during the same time frame.
Other Notable Liquidations
Other prominent digital assets that saw large liquidations include ETH rival Solana (SOL) at $17.01 million, and two popular meme assets, Dogecoin (DOGE) at $13.56 million and Pepe (PEPE) at $6.61 million.
Largest Single Liquidation Order
The largest single liquidation order happened on OKX in the ETH/USDT pair for a value of $6.07 million, according to Coinglass.
Current Market Conditions
At the time of writing, Bitcoin has slightly recovered and is trading for $57,429, down more than 6% in the last 24 hours. Solana is trading for $123, down nearly 5% in the last 24 hours. DOGE is trading for $0.12, down nearly 9% in the last 24 hours. PEPE is trading for $0.00000619, down 8.6% in the last 24 hours.
Source: https://thebittimes.com/over-448-000-000-in-bitcoin-ethereum-solana-dogecoin-and-other-coins-liquidated-as-btc-crashes-below-58-000-tbt87229.html
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