Binance’s CZ Addresses Crypto Crash As Long Liquidation Breaches $343 Million

Crypto Crash News: The Global cryptocurrency market registered a massive sell off on Saturday as fear among the traders spiked due to recent regulatory actions taken by the top Financial watchdog. The cumulative market cap dropped by more than 5% after registering a broad recovery over the past day. Binance CEO, Changpeng Zhao addressed the current market situation amid facing legal complications.

Long Position Liquidations Lead Crypto Crash

As per the Coinglass data, more than 184k traders were liquidated in the last 24 hours. The total liquidation registered comes in at $387 million. Bitcoin, the world’s largest crypto witnessed most of the liquidation (approx worth $50 million) over the past day.

Data depicts that out of the cumulative liquidation of $387 million, 88% of the liquidation (approx worth $343 million) turns out to be long positions. While just $43 million worth of shorts were liquidated. This suggests that traders were betting on the market gains. However, Binance registered $151 million worth liquidation in the last 24 hours, where $129 million worth of long positions were liquidated.

The digital asset market witnessed a broad sell off as the biggest cryptos like Polygon (MATIC) and Solana (SOL) prices dropped by a massive 25% and 22%, respectively.

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