As Bitcoin (BTC) suddenly plummets below $58,000, altcoins also fall, leaving leveraged traders in the red.
According to cryptocurrency data aggregator Coinglass, more than $448.49 million in liquidations occurred in the last 24 hours, or more than 84% in leveraged buys.
OKX, a major exchange, processed the largest liquidation amount at $171.28 million, followed by $170.43 million on Binance, the world’s No. 1 exchange, $45.09 million on Huobi, and $37.22 million on Bybit.
Coinglass said that $167.43 million worth of Bitcoin was liquidated on the last day, the overwhelming majority of which were long positions. Coinglass also confirmed that $115.48 million worth of Ethereum (ETH), a leading smart contract platform, was liquidated during the same period.
Other popular digital assets that saw large liquidations include ETH rival Solana (SOL) at $17.01 million, popular meme asset Dogecoin (DOGE) at $13.56 million, and Pepe (PEPE) at $6.61 million.
According to Coinglass, the largest single liquidation order for the ETH/USDT pair on OKX amounted to $6.07 million.
Bitcoin plummeted from a high of $61,335 to a low of $56,757 over the past 24 hours. Bitcoin has recovered slightly as of this writing and is trading at $57,429, down more than 6% in the last 24 hours.
Solana is trading at $123 at the time of this writing, down nearly 5% in the last 24 hours. Meanwhile, DOGE is trading at $0.12 at the time of this writing, down nearly 9% in the last 24 hours. At the time of writing, PEPE is trading at $0.00000619, down 8.6% in the last 24 hours.
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