Early Monday morning, the price of Bitcoin collapsed another 5% to fall to the $61,000 level. This decline, which was very sudden, caught investors by surprise, leading to a massive wave of liquidations. As volume continues to rise, crypto liquidation numbers reached $300 million in just 24 hours.
91,000 Cryptocurrency Traders Lose $282 Million Amid Bitcoin Collapse
Data from Coinglass has It is shown Tens of thousands of cryptocurrency traders lost their leveraged positions in the last day, liquidating hundreds of millions of dollars. This comes as the cryptocurrency market declines, driven by the collapse of Bitcoin.
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To date, the number of traders who have lost their positions has exceeded 91,000, and just over $282 million has been lost since then. As the Bitcoin and cryptocurrency market collapsed, the majority of these liquidations came from long traders, an overwhelming 91.59%.
As expected, Bitcoin saw the largest liquidation volume at $103 million. Ethereum comes in second place with $64 million, while Solana comes in third with $13 million. Liquidations from others also exceeded $38 million during this time.
Binance represents about 35% of the total liquidations worth $102.9 million, while OKX recorded liquidations worth $82 million. Huobi, Bybit, and Bitmex took third, fourth, and fifth places with $47.72 million, $21.33 million, and $15.15 million, respectively. While the largest single liquidation order was executed on the Bitmex exchange, where the trader lost $10 million on the XBTUSDT pair.
At the time of writing, most liquidations took place in just the past 12 hours, making up $230 million of the $282 million recorded. Meanwhile, liquidation volumes over the past hour exceeded $102.5 million.
Despite the notable liquidation volumes, the last 24 hours are still not the worst day in June. Since June was an event-filled month, there were notable liquidation trends for the month. For example, on June 7, liquidation volumes reached $360 million when the price of Bitcoin collapsed from $71,000 to $68,000.
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Then again, on June 18, 24-hour liquidation volumes exceeded $300 million when Bitcoin fell from $67,000 to $64,000. If the price of Bitcoin continues to decline, these liquidation volumes could continue to rise rapidly and reaching $300 million may only be a matter of when, not if.
Bitcoin price is currently struggling to hold $61,000, with a decline of approximately 5% over the past 24 hours. If the bulls fail to hold this support level, the possibility of the price falling to the $50,000 area becomes much higher.
Featured image created with Dall.E, chart from Tradingview.com