Crypto Market Liquidation Surges Beyond $75 Million: Bitcoin Stands First

• The crypto market witnessed over $75 million in liquidation in 24 hours.
• Over 29,593 traders have liquidated during this period.
• One single largest liquidation was encountered, which was valued at $2.33 million.

The crypto ecosystem has encountered a notable decline, marking one of the most challenging days of the week. With a 1.4% drop over the past 24 hours, the market cap stands at $1.11 trillion.

This decline in prices has triggered significant liquidation events on exchanges, resulting in a cumulative outflow of $75 million, as reported by CoinGlass data.

Bitcoin remains the most affected crypto

Throughout this period, Bitcoin (BTC) has remained the most affected asset, experiencing the highest number of liquidations. The largest crypto has incurred a total outflow of $26.17 million, with long traders accounting for the majority of outflows, while the remaining portion has been attributed to short traders.

Following the liquidations in Bitcoin, Ethereum (ETH) experienced liquidations exceeding $15 million. Additionally, other altcoins, including Litecoin, witnessed substantial liquidations. It is worth noting that liquidations in the digital currency ecosystem are not uncommon. Many traders perceive comprehensive price drops as favorable entry points and hope for such opportunities.

According to Coinglass’s data, a $75.24 million liquidation has occurred, with long traders accounting for $45.92 million and short traders accounting for $29.33 million.

Within the past 24 hours, a significant number of traders, specifically 29,593 individuals, experienced liquidation events. Notably, the largest individual liquidation order occurred on OKX, involving the BTC-USDT-SWAP pair, with a value of $2.33 million.