Early Monday morning, the price of Bitcoin plunged another 5% to around $61,000. This very sudden drop took investors by surprise and triggered a wave of massive liquidations. As trading volumes continued to grow, cryptocurrency liquidation figures surpassed $300 million in just 24 hours.
The Bitcoin crash left 91,000 cryptocurrency traders with $282 million in losses.
Data from Coinglass shows that tens of thousands of cryptocurrency traders lost leveraged positions in the final days, resulting in hundreds of millions of dollars in liquidations. This comes amid a decline in the cryptocurrency market triggered by the Bitcoin crash.
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The number of traders who have lost positions so far is over 91,000, with losses of just over $282 million since then. Due to the Bitcoin and cryptocurrency market crash, most of these liquidations were from long-term traders, accounting for an overwhelming 91.59%.
As expected, Bitcoin recorded the largest liquidation volume at $103 million. Ethereum ranked second with $64 million, and Solana ranked third with $13 million. During this period, other people’s liquidations also exceeded $38 million.
Binance accounted for about 35% of total liquidations with $102.9 million, while OKX exchange recorded $82 million in liquidations. Huobi, Bybit, and Bitmex ranked 3rd, 4th, and 5th with $47.72 million, $21.33 million, and $15.15 million, respectively. The largest single liquidation order occurred on the Bitmex exchange, where a trader lost $10 million on the XBTUSDT pair.
As of this writing, the majority of liquidations have occurred in the last 12 hours alone, accounting for $230 million of the $282 million recorded. Meanwhile, liquidation volume exceeded $102.5 million in the past hour.
Despite the notable liquidation volume, the last 24 hours are still not the worst day of June. As June was full of slumps, this month saw a notable liquidation trend. For example, on June 7, when the price of Bitcoin plummeted from $71,000 to $68,000, liquidation volume reached $360 million.
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Then, on June 18, the price of Bitcoin fell from $67,000 to $64,000, and the 24-hour liquidation volume exceeded $300 million. If the price of Bitcoin continues to fall, these liquidation volumes could continue to grow rapidly, and reaching $300 million may be a matter of when and if.
Bitcoin price is currently struggling to maintain $61,000 and is down about 5% in the last 24 hours. If the bulls fail to hold this support level, it becomes much more likely that the price will fall into the $50,000 area.
Featured image created with Dall.E, chart from Tradingview.com