The post Crypto Market Liquidations Reach $562.87 Million in 24 Hours Amid Volatile Trading appeared on BitcoinEthereumNews.com.

According to the latest data from Phoenix Group, the cryptocurrency market has witnessed significant liquidations over the past 24 hours, amounting to a staggering $562.87 million. This liquidation surge reflects heightened volatility across major cryptocurrencies, with Bitcoin, Dogecoin, Ethereum, Solana, and Sui experiencing the highest liquidation levels. Over 126,000 traders were impacted, underscoring the market’s turbulence and the risks associated with leveraged trading. Bitcoin (BTC) accounted for most of the liquidations, totalling $275.60 million, equivalent to 3,720 BTC. The substantial BTC liquidations highlight the continued influence of the largest cryptocurrency by market cap on overall market dynamics. Bitcoin’s price volatility remains a driving factor, leading to widespread liquidations as traders place high-stakes leveraged bets on its price movement. Dogecoin and Ethereum Follow Suit with $58.01M and $49.57M in Liquidations According to the data, Dogecoin (DOGE) and Ethereum (ETH) were prominent among the assets experiencing high liquidation levels. Dogecoin saw $58.01 million in liquidations, with 290.05 million DOGE affected, while Ethereum recorded $49.57 million in liquidations, impacting 18,860 ETH. The significant liquidations of DOGE suggest that meme coins remain popular yet risky for traders, with rapid price fluctuations often triggering forced sell-offs. Solana (SOL) and Sui (SUI) rounded out the top five most liquidated assets. Solana saw $28.76 million in liquidations, affecting 155,430 SOL, while Sui’s liquidations totalled $14.01 million, with approximately 6.09 million SUI liquidated. These numbers illustrate the susceptibility of altcoins to extreme volatility, with significant value wiped out in a short period. Exchange Liquidation Breakdown: Binance Dominates Binance led the liquidation activity among exchanges, with $297.97 million in liquidations, reflecting its large market share and the volume of leveraged positions taken on the platform. OKX followed with $118.40 million in liquidations, while Bybit recorded $90.43 million. Other exchanges such as HTX, CoinEx, and Bitfinex experienced liquidations ranging from…

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Filed under: News - @ November 7, 2024 3:19 am