In the volatile world of cryptocurrency trading, over $200 million has been liquidated from the market within just four hours, according to recent data.
The largest portion of these liquidations occurred on Binance, the world’s leading crypto exchange by trading volume. In the past 24 hours alone, Binance witnessed liquidations totaling $213.85 million, while Ethereum (ETH) saw $92.88 million liquidated during the same period.
Data from the Liquidation Heatmap provided by CoinGlass, a blockchain analysis platform, reveals that over $9 million worth of digital assets were liquidated within the last hour, indicating a significant level of market activity and volatility.
The leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), experienced notable declines of 5.65% and 6.61% in the past 24 hours, respectively, according to CoinMarketCap. Despite these losses, trading volumes for both Bitcoin and Ethereum surged by 105.50% and 82%, respectively.
This recent liquidation event adds to the ongoing turbulence in the crypto market, which has seen considerable fluctuations in prices and trading activity in recent months. Notably, when Bitcoin reached $69,000 in March for the first time in two years, the market witnessed a staggering $1 billion liquidated within a 24-hour period, sparking discussions and debates within the industry.
CoinGlass’s data further reveals that over the past 24 hours, a total of 122,485 traders were liquidated, with total liquidations amounting to $403.06 million. The largest single liquidation order occurred on OKX-ETH-USD-SWAP, valued at $7.48 million. OKX also ranked second in terms of total liquidations, with a total of $117 million.
The rapid liquidation of assets underscores the inherent risks associated with trading in the cryptocurrency market, where price swings can be swift and significant. As traders navigate this volatile landscape, they must remain vigilant and informed to mitigate potential losses.
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