Liquidations Pile Up: Nearly $1.7 Billion Rekt in 24 Hours

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In Brief
  • Cryptocurrency market sees nearly $1.7 billion in liquidations in the last 24 hours.

  • Bitcoin futures close almost 2% lower.

  • Significant dip in value recorded in early hours of Wednesday.

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Nearly $1.7 Billion worth of liquidation has hit the cryptocurrency market in the last 24 hours.

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Cryptocurrency data analytics platform Bybt.com reported that, in that time period, over 295,817 traders were liquidated. The single largest liquidation was valued at $10 million, made on Bitmex-BTC.

It is not the first multi-billion-dollar mass liquidation on the market this year. The crypto market saw nearly $3 million liquidated in a 24-hour period back in January. In this instance, Bitcoin, in particular, showed nearly $38 million and $580 million, respectively.

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Source: bybt.com

Leading the liquidation figures was Bitcoin (BTC), of which $529 million was sold. Ripple (XRP) was next, of which $270 million was liquidated in the last 24 hours. Over 60% of the liquidations took place on Binance, comprising a majority figure of over $10 million worth. Meanwhile, the second-most were on Huobi, accounting for nearly $4 million.

Closer Analysis

According to data, there was a significant dip in the BTC/USD pair’s value earlier this morning. From a local high of over $58,500 at 2 AM ETD, bitcoin fell to $55,851 only six hours later.

Furthermore, in the last seven hours, it was reported that bitcoin had remained within 5% of its all-time highs. That being said, their futures closed slightly lower – almost 2%. This decrease brought the price of April’s bitcoin futures to just under $59,000.

Meanwhile, ethereum (ETH) reached an all-time high on Tuesday. It increased by over 20% to reach a value of more than $2,100. At the time of reporting, ETH was the subject of the third-most liquidations. Apart from BTC, ETH, and XRP, the altcoins FIL, BNB, LTC, and DOT were also liquidated.

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