Bitcoin Crash To $61,000 Drives 24-Hour Crypto Liquidations Toward $300 Million
24 June 2024 - 11:00PM
NEWSBTC
Early on Monday morning, the Bitcoin price crashed another 5% to
drop to the $61,000 level. This drop, which was very sudden, has
taken investors by surprise, triggering a massive wave of
liquidations. As the volume continues to rise, the crypto
liquidation figures have barreled toward $300 million in just 24
hours alone. 91,000 Crypto Traders Lose $282 Million Amid Bitcoin
Crash Data from Coinglass has shown that tens of thousands of
crypto traders have lost their leverage positions in the last day,
leading to hundreds of millions of dollars in liquidations. This
comes with the decline in the crypto market, spurred on by the
Bitcoin crash. Related Reading: Polygon (MATIC) Turns Bullish After
Losing Streak – Is A 1,000% Rally Possible From Here? So far, the
number of traders who have lost their positions has crossed 91,000,
and a little over $282 million has been lost since then. With the
Bitcoin and crypto market crash, the majority of these liquidations
have come from long traders, with an overwhelming 91.59%. As
expected, Bitcoin has seen the largest liquidation volumes with
$103 million. Ethereum follows in second place with $64 million,
while Solana comes in third place with $13 million. Liquidations
from others have also crossed $38 million during this time. Binance
accounts for around 35% of total liquidations with $102.9 million,
while the OKX exchange has recorded $82 million in liquidations.
Huobi, Bybit, and Bitmex are in 3rd, 4th, and 5th positions with
$47.72 million, $21.33 million, and $15.15 million, respectively.
While the largest single liquidation order took place on the Bitmex
exchange, where a trader lost $10 million on the XBTUSDT pair. At
the time of writing, the majority of the liquidation had taken
place in the last 12 hours alone, making up $230 million out of the
recorded $282 million. Meanwhile, in the last hour, the liquidation
volumes have crossed $102.5 million. Despite the notable
liquidation volumes, the last 24 hours are still not the worst day
for the month of June. Since June has been riddled with crashes,
there have been notable liquidation trends for the month. For
example, on June 7, liquidation volumes reached $360 million when
the Bitcoin price crashed from $71,000 to $68,000. Related Reading:
Little-Known But Important Dogecoin Indicator Goes Off, How High
Can It Drive Price? Then again, on June 18, 24-hour liquidation
volumes crossed $300 million when the Bitcoin price fell from
$67,000 to $64,000. If the Bitcoin price continues to fall, then
these liquidation volumes could continue to climb quickly and
reaching $300 million could only be a matter of when and not if.
The Bitcoin price is currently struggling to hold $61,000, with an
approximately 5% decline in the last 24 hours. If bulls fail to
hold this support level, the possibility of the price falling to
the $50,000 territory becomes much higher. Featured image created
with Dall.E, chart from Tradingview.com
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