Over the last 24 hours, thousands of crypto traders have lost their positions in the market. The liquidations had ramped up, especially after the price of bitcoin had lost its footing above $19,000. It triggered one of the largest liquidations for the year 2022, with traders losing hundreds of millions of dollars in the span of a single day.
More Than 125,000 Trader Rekt
In the 24 hours following bitcoin’s decline to the $18,000 territory, more than 125,000 have had their positions liquidated. This amounted to more than $410 million that has been lost in the past day. Not surprisingly, the vast majority have been long traders who had been betting on the market seeing another recovery. Instead, the drop had caused a ripple effect across the market.
According to data from Coinglass, a total of 126,632 traders had lost their positions during this time. The largest single liquidation had been recorded on the Bitmex exchange, where a single trade worth $10 million had been liquidated across the XBTUSD pair.
Of the $417 million in liquidations, 87.85% had come out as longs, leaving $52.38 million of shorts during this time. Over the last 12 hours, the liquidations have started to subside but still remain significant enough to cause panic in the market.
Ethereum Leads Crypto Liquidations
Even though bitcoin had fallen below $19,000, sparking massive liquidations across the digital asset, it still comes short when compared to Ethereum. ETH had fallen to the $1,200 level at one point, and long traders had taken hit after hit in the market.
Where bitcoin’s liquidations had come out to around $121 million in the last 24 hours, Ethereum’s numbers were almost 40% more, with $161 million lost by traders. This meant that the trades had lost more than 122,000 ETH in just 24 hours.
Ethereum Classic, which tends to trail behind Ethereum the most, was also not spared in the liquidation trends. ETC saw more than 482,000 coins liquidation, translating to losses of $13.91 million during this time. It was just ahead of XRP, which saw $10.5 million in liquidations.
All other cryptocurrencies had seen much fewer liquidations with less than $5 million lost. EOS, ETHW, SOL, and CHZ recorded liquidations of $4.92 million, $4.65 million, $4.29 million, and $4.27 million, respectively. LTC also made the top 10 list with liquidations of $3.6 million.
Featured image from CoinShark, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…