According to the data on Coinglass, in the past 4 hours, all crypto networks have liquidated $49.05 Million with most liquidation coming from short orders which amounts to $46.11 Million.
The largest single liquidation order in the past 4 hours was on OKX – BTC-USDT-SWAP value $11.02M. In the past 24 hours , 28,959 traders were liquidated, the total liquidations comes in at $98.57 million. When it comes to on-chain metrics individually, $29.61M were short orders liquidation on Bitcoin, $4.57M were short order liquidations on Ethereum and $4.73M on Solana.
This could be caused as Bitcoin slipped at $53,786 on September 8 before it jumped back to $54,780.73. Ethereum too, at one point slipped to $2,244 on September 08, and is now trading at $2,301. As for Solana, even though the popular crypto is trading at $129.66, it had dipped to $127.22 yesterday. However, all three cryptos have been now recording a slight spike, with crypto bulls attaining liquidation.
Liquidation happens when a trader’s position is forcibly closed in the crypto market. It occurs when a trader’s margin account can no longer support their open positions due to significant losses or insufficient margin to meet the maintenance requirements.
The exchange or brokerage platform begins the liquidation process for a trader whose account falls below the required margin mark in order to cover losses and debts.
Also Read: As Bitcoin Holds Above $50K, Will a Double Bottom Lead the Next Big Move?
Source: https://www.cryptonewsz.com/in-4-hour-crypto-liquidation-reach-49-05m/