The crypto market has gone through significant liquidations during the past twenty-four hours. As per the data from Phoenix Group, a huge amount of $527.96M has left the crypto market in terms of liquidations over 24 hours, triggered by rising volatility. The majority of traders who got liquidated were trading prominent coins. The crypto analytics firm used social media app X to offer insights into the latest crypto liquidations.
Bitcoin and Ethereum Record $257.43M and $69.64M in Overall Liquidations
Phoenix Group’s data reveals enormous crypto liquidations that have impacted the overall investor sentiment to a great extent. Bitcoin ($BTC) has gained the top position among the crypto assets seeing liquidations. The total liquidations of Bitcoin have touched 2.91K $BTC, denoting a staggering $257.43M in value. In addition to this, Ethereum ($ETH) has also seen 31.81K $ETH in liquidations, equaling $69.64M.
Along with Bitcoin and Ethereum, the list of crypto liquidations also includes Ripple ($XRP), Solana ($SOL), Cardano ($ADA), Dogecoin ($DOGE), and Sui ($SUI). Particularly, Ripple’s 24-hour liquidations have reached 8.71M $XRP, denoting a $22.06M. Additionally, Solana ($SOL) and Cardano ($ADA) recorded 143.56K $SOL ($20.75M) and 20.01M $ADA ($17.41M) in total. Moreover, Dogecoin ($DOGE) and Sui ($SUI) have gone through liquidations of 55.75M $DOGE ($11.15M) and 3.91M $SUI ($10.99M) cumulatively.
Apart from that, $ONDO, $LTC, $REZ, $LINK, and $ALCH also incurred massive liquidations. Specifically, $ONDO, $LTC, and $REZ beheld 4.01M $ONDO ($4.10M), 35.90K $LTC ($3.69M), and 120.28M $REZ ($3.32M) in liquidations. Moreover, $LINK and $ALCH account for 186.91K $LINK ($3.20M) and 47.34 $ALCH ($3.03M) in liquidations. The increased market volatility and the exclusive liquidation indicate a wider sentiment shift, raising substantial concerns.
Bitfinex Witnesses Biggest Single Liquidation of $15.40M
According to Phoenix Group, the renowned crypto exchanges have also witnessed notable liquidations. Hence, the biggest single liquidation order was witnessed by Bitfinex, incurring $15.40M via $BTC/$USD token pair. Bybit’s liquidations account for $163.00M, while Binance and OKX have beheld $128.08M and $79.56M in liquidations. Along with that, HTX and Bitfinex indicate $51.22M and $49.80M in 24-hour liquidations. The next spots in this list are taken by Gate.io and Coinex, which recorded $46.98M and $5.20M in cumulative liquidations.
Source: https://blockchainreporter.net/crypto-market-hit-by-hefty-liquidations-527m-wiped-out-in-24-hours/