Coinspeaker
Crypto Liquidation Hits $120M, Affecting Thousands of Traders
The crypto market has been recovering from recent lows, but this has not spelled good news for everyone. According to CoinGlass’s Liquidation Heatmap, in the past 24 hours alone, thousands of crypto traders have faced significant losses, with total liquidations surpassing $120 million.
Currently, Bitcoin (BTC) and Ethereum (Ether) are trading above $67,000 and $3,100, respectively, after having dropped to as low as $57,000 and $2,800 in April. This earlier market decline was attributed to geopolitical tensions in the Middle East and market corrections following the 2024 Bitcoin halving event.
Despite this recovery, a total of 59,032 traders suffered liquidations, bearing the brunt of these market movements.
OKX Takes the Brunt of Market Volatility
Most of the losses came from traders who had taken long positions, hoping for a rise in the value of BTC and Ether. These optimistic traders collectively lost about $87.05 million. In contrast, those holding short positions, betting on the potential decline of these digital assets, saw losses totaling around $28.31 million.
Bitcoin traders lost around $23.15 million in a single day, while those wagering on Ethereum’s price suffered a combined loss of $19.70 million.
Similarly, crypto traders betting on Solana (SOL) faced $8.84 million in losses, while other digital assets saw combined losses of $23.24 million.
CoinGlass’s Liquidation Heatmap also revealed that the largest single liquidation order occurred on the crypto exchange OKX, with the company losing around $4 million in a single order over the past 24 hours.
Over $13 Million Liquidated in an Hour
The crypto market remains volatile, with traders continuing to incur significant losses.
In the last 12 hours alone, nearly 60,000 traders suffered combined losses of $56.33 million, with $14.43 million coming from BTC, $7.14 million from Ether, and $10.23 million from other cryptocurrencies. Over the past four hours, around $29.36 million have been liquidated, with $10.79 million coming from long traders and $18.58 million from short positions.
CoinGlass’s Liquidation Heatmap shows that up to $13.22 million has been wiped out within the last 60 minutes at the time of writing, with the majority of these liquidations – totaling around $12.85 million – coming from short traders.
Not the First
Meanwhile, liquidations have become a common occurrence in the crypto market, with traders frequently losing large sums due to market fluctuations.
For instance, in March, when Bitcoin bounced back from a two-year low and reached its previous all-time high of $69,000, approximately $1 billion was liquidated from the market within 24 hours.
The trend, however, has continued with traders still losing significant sums to the volatile crypto market. On March 14, Bitcoin surged to a new high of $73,000, taking the industry by surprise.
The surge marked the first time the crypto asset reached a new milestone before the just-concluded Bitcoin halving event. The price surge also resulted in another $360 million being wiped out from the market.
This month has been particularly harsh, with millions lost to liquidations. On May 2, a total of $360 million were liquidated. Two weeks later, 71,245 traders suffered another massive liquidation when about $130 million vanished from the market on May 13.
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Crypto Liquidation Hits $120M, Affecting Thousands of Traders
Source: https://www.coinspeaker.com/crypto-liquidation-hits-120m/