Bitcoin Leads in $1 Billion 24-Hour Liquidation Pile-Up

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In Brief
  • Bitcoin (BTC) accounts for over $627M in 24-hour liquidations, with $96M deleted in the last hour.

  • Largest single liquidation order was carried out on Huobi-EOS, valued at $6.48M.

  • Mass BTC sell-off follows a rollercoaster week for the world's largest cryptocurrency.

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Bitcoin (BTC) heads up a huge liquidations pile-up as recorded on Bybt. At the time of press, the trading information platform recorded well over $1 billion liquidated in 24 hours across exchanges.

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Over $96 million worth of liquidations happened in the last hour. BTC accounted for more than half the liquidations across the full 24-hour period — specifically $627.67 million worth at the time of press. Furthermore, the largest single liquidation order in that time, occurring on Huobi-EOS, was valued at $6.48 million.

BTC liquidations stormed well ahead of the other market frontrunners, with Ethereum coming in second. A comparatively small $267 million worth was liquidated in 24 hours. Ripple was a bit behind it, accounting for another $44 million liquidated.

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Data indicates that nearly 39% of the liquidations conducted over the past 24 hours (totaling nearly $428 million) occurred on the Bybit trading platform. Okex accounted for a further 20.3% and Huobi for another 17.6%.

Eventful month for BTC

This mass sell-off follows a poor week for BTC, in which it declined towards its lows of last month near the $30,000 mark. Currently, bitcoin is valued at $32,200, according to CoinGecko. Since its sharp price collapse in May, attributed to a number of factors, BTC has struggled to regain anything close to the heights it reached in April. 

The fact that the BTC mining hash rate reached its lowest position for six months, as reported on June 20, has not helped matters. This follows the Chinese government’s continuing strict crackdown on BTC mining, which has seen a mass shutdown in the country’s operations. China previously hosted approximately 75% of the world’s BTC mining capacity.

In light of the Chinese crackdown, BTC miners have begun to move their operations overseas — to the United States, in particular. Low electricity prices attracted miners to Texas, a state that also has a pro-crypto government. Earlier in the month, Governor Greg Abbott signed off on a law creating a legal framework for cryptocurrency investments.

Meanwhile, Francis Suarez, Mayor of Miami, Florida, emphasized recently that he would welcome miners from China. He noted that Miami is ideal for energy-intensive mining operations, given its cheap, nuclear-sourced energy.

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Dale Hurst is a journalist, presenter, and novelist. Before joining the Be In Crypto team, he was an editor and senior journalist at a news, lifestyle and human-interest magazine in the UK. Cryptocurrency was one of the first subjects he specialized in when first going freelance in 2018, reviewing exchanges and analysing lawsuits.

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