Crypto market experiences a massive liquidation event, with small-cap tokens leading the downturn and a market cap drop of 6%.
$1.7 Billion Wiped Out in a Day
In the past 24 hours, the cryptocurrency market witnessed a staggering $1.7 billion in liquidations, marking one of the largest liquidation events of the year. The majority of liquidations occurred in long positions, with $1.53 billion in long positions and $155 million in short positions.
Small-Cap Crypto Leads Liquidations
Small-cap cryptocurrencies have taken the brunt of the market sell-off, with $564 million in liquidations. Long positions accounted for $543 million of the losses, while short positions totaled just $21 million.
JUST IN: $813,000,000 liquidated from the cryptocurrency market in the past 60 minutes.
Ethereum and Bitcoin Hit Hard
Ethereum experienced major liquidations, with $235 million lost, including $214 million in long positions. The token dropped 7% to $3,686. Meanwhile, Bitcoin saw $182 million in liquidations, with its value falling below $100,000, reaching $96,652.
Binance Records Major Liquidations
Binance was the platform with the highest liquidation volume, accounting for over $739 million. Other platforms like OKX and Bybit saw $422 million and $369 million, respectively. The largest liquidation occurred in the Ethereum-USDT pair on Binance, with $19.69 million.
Market Cap Drops by 6%
The crypto market’s total capitalization fell by 6.62%, dropping to $3.44 trillion, while market volume surged by 113% to $313 billion.
Increasing Trend of Crypto Liquidations
This liquidation event is the largest in the past year, highlighting the growing volatility in the crypto market. Liquidation events like these have become more frequent in recent months, as newcomers to the crypto space have faced significant risks.
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