The looming price correction after bitcoin broke the $60k milestone is now at the center stage. Futures contracts worth more than $2 billion were liquidated in digital currencies on leading exchanges.
As usual, mass liquidations have followed the recent plunge in the cryptocurrency market. Data aggregator, Bybit shows that total futures liquidations in the past one hour stand at $43 million. In the last 24 hours, futures contracts worth $2.41 billion got liquidated across exchanges. About 327,530 traders were affected by the whopping figures.
Leading cryptocurrency exchange, Binance, accounts for the highest single liquidation, which is $35 million. It also facilitated almost half of the liquidations in the last 24 hours. Of the $1.18 billion liquidated on Binance, around 92% was from long positions. Seychelles-based exchange Huobi occupied the second spot with $496 million in total liquidations.
Massive Sell-Off as Correction Continues
Derivative traders liquidated $1.19 billion in bitcoin futures contracts in 24 hours. This is a striking distance from the $285 million Ether, liquidated in the same period. POL, XRP, EOS, BNB, LTC, BCH, and UNI completed the top nine cryptocurrencies to experience mass liquidations.
The numbers are likely to skyrocket further as the bears continue to have a field day. Bitcoin and altcoins plummeted over the past 24-hours. The foremost digital currency is currently down 8%, while Ether has also retraced by 7% in the past day. Other cryptocurrencies in the top ten have also dropped significantly.
On the 7-days chart, major cryptocurrencies have recorded significant price declines. Cardano (ADA) is the biggest loser on the top ten charts. As it nears yet another upgrade that will introduce full decentralization, it has dipped by 22% in the last 7 days.
The global cryptocurrency market cap tanked by nearly 10% because of the bloodbath.
Mass liquidations often characterize corrections of this nature. It was the same story weeks ago when bitcoin retraced after momentarily crossing $60k. On reaching $55k, traders liquidated long and short positions amounting to $2.24 billion.