Massive Liquidations in the Crypto Market as Over $287 Million is Wiped Out in 24 Hours
The post Massive Liquidations in the Crypto Market as Over $287 Million is Wiped Out in 24 Hours appeared on BitcoinEthereumNews.com.
The cryptocurrency market has witnessed a sharp increase in liquidations over the past 24 hours, with total liquidations reaching a staggering $287.65 million. This surge in liquidations reflects significant market volatility, impacting both long and short positions across major exchanges. Bitcoin ($BTC) has seen the largest liquidation value, with approximately $80 million wiped out, equivalent to 1.18K BTC. This is followed closely by Ethereum ($ETH), which recorded $66.52 million in liquidations, equivalent to 25.39K ETH. Exchange Liquidations Surge The liquidation spike was particularly noticeable across major exchanges. Binance, OKX, and Bybit were among the most impacted, with Binance recording $132.55 million in liquidations. OKX followed with $120.37 million, and Bybit saw $21.68 million. Other exchanges like HTX, CoinEx, and BitMEX also experienced significant liquidation activity, contributing to the overall market shakeout. According to PHOENIX, the largest single liquidation order was recorded on OKX, with an ETH/USDT pair worth $6.55 million, highlighting the impact of leveraged positions in highly volatile markets. Data from the Phoenix Group reveals that across multiple exchanges, long positions accounted for a significant portion of the liquidations. On Binance, for example, 64.81% of the liquidated positions were long, while 60.37% of liquidations on OKX were also long positions. This latest wave of liquidations underscores the high-risk nature of trading in volatile markets, particularly for leveraged traders. As the crypto market continues to experience dramatic price swings, analysts are closely monitoring Bitcoin and Ethereum’s price movements, with many pointing to open interest (OI) as a critical indicator of future volatility. Source: https://blockchainreporter.net/massive-liquidations-in-the-crypto-market-as-over-287-million-is-wiped-out-in-24-hours/
Filed under: News - @ October 17, 2024 3:26 am