The last week in the cryptocurrency market has been characterized by extreme volatility, which led to the liquidation of millions of dollars. According to CoinGlass data, $800.5 million in liquidations came from leading centralized crypto exchanges within a week. Calculating the overall volume of liquidated funds, which reached $368 million on Binance, we can observe a controversy among traders during the week under review.
Binance, OKX and HTX Liquidations Became Prominent Casualties
Binance recorded a significant liquidation of $368 million. Of this, $181 million were from longs, and $187 million were from shorts. These liquidations show that many traders have lost money due to the extreme movement in the market due to unexpected scenarios.
Other exchanges experienced disbalances, including OKX, which had $265 million liquidated, $161 million long, and 104 shorts positions. HTX also came in third with liquidations of $70.6 million, of which $25.5 million were longs and $45.1 million were shorts.
Total Liquidations on Different Crypto Exchange Platforms
As for the fourth and the other exchanges, Bybit had $67.2 million in liquidations, CoinEx $24 million, BitMEX $4.7 million, and Bitfinex $1 million. The net effect of the said liquidation orders pulls back the development of the cryptocurrencies as a whole, as longs worth $415.8 million and shorts worth $384.7 million are liquidated during the week.
As seen in the data for the liquidations, the liquidating process does not come easy due to the current market situation, which is still conducive to making significant market losses. About $800 million was liquidated across the exchanges, indicating the continual volatility of the market that cuts across both institutional and retail traders. As the development of the crypto market cuts across all levels, cautious trading becomes a necessity rather than an option.
Source: https://blockchainreporter.net/800-million-in-crypto-liquidated-on-top-exchanges-in-just-7-days/