The cryptocurrency market has recently experienced a significant downturn, leading to a staggering $277,480,000 in liquidations. Liquidation, in this context, refers to the enforced closure of trading positions. This occurs when traders are compelled to sell their holdings due to drastic price movements. In particular, long liquidations take place when Bitcoin (BTC) prices plummet, forcing traders who were betting on a price increase to sell off their assets.
Bitcoin Market: A Closer Look
In the past 24 hours, the Bitcoin market has suffered the highest liquidation, amounting to $88.40 million. Long liquidations within this time frame reached $79.05 million, while short liquidations were recorded at $9.35 million. Short liquidations happen when BTC prices rise, compelling traders anticipating a price drop to close their positions. As of October 29, Bitcoin’s price hovered around $72,716.02. Since then, it has experienced a decline of 4.7%, with a 3.8% drop occurring in just the last 24 hours.
Ethereum Market: Significant Liquidations
Ethereum has witnessed the second-highest liquidation activity, with a total of $44.96 million in the last day. Long liquidations accounted for $40.74 million, while short liquidations stood at $4.22 million. On October 30, the price of Ethereum was $2,658.99. Since then, it has decreased by 6.14%, with a minimum decline of 4.9% occurring in the latest 24-hour period.
Other Top Cryptos & Liquidation
The Solana market has seen liquidations amounting to $15.16 million over the last 24 hours, with long liquidations reaching $14.38 million and short liquidations at $787.42K. Solana’s price has decreased by 4.6% within the same time frame.
Meanwhile, the Dogecoin (DOGE) market recorded $12.80 million in liquidations, with long liquidations at $9.90 million and short liquidations at $2.90 million. Dogecoin’s price has plummeted by 7.6% during this period.
Overall, the total market capitalization of the cryptocurrency sector has experienced a 5.4% drop in the last 24 hours. The reported liquidations across the crypto market for this period total $279.31 million, with long liquidations at $248.73 million and short liquidations at $30.57 million. These sharp liquidations across major cryptocurrencies indicate a significant decline in value, affecting both long and short positions, which underscores the inherent volatility in the crypto market.
Exchange-wise Liquidation Overview
The Binance exchange has registered the highest liquidation volume, amounting to $119.00 million, with long liquidation at $105.27 million and short liquidations at $13.72 million. This reflects either substantial leverage usage or heightened risk exposure among traders on this platform.
The Bybit exchange recorded the second highest liquidation figure at $63.97 million, with long liquidations at $57.56 million and short liquidations at $6.41 million. The OKX exchange followed with $59.59 million, including long liquidations of $51.57 million and short liquidations of $8.01 million.
HTX exchange posted $25.82 million in liquidations, with long liquidations at $24.12 million and short liquidations at $1.70 million. Lastly, CoinEx exchange saw $7.37 million in liquidations, with long liquidations at $6.69 million and short liquidations at $68.78K.
The dominance of Binance in liquidation figures highlights the significant impact on traders, underscoring the importance of cautious trading in volatile markets. Stay informed with Coinpedia for the latest updates on the crypto market liquidation scenario!
