Bitcoin Flash Crash Washes Out 81,000 Crypto Traders For Over $220 Million
02 April 2024 - 2:00AM
NEWSBTC
Bitcoin has started out the new week on a rather bearish note after
a flash crash sent the price below $69,000 once more. There has
since been some recovery in the price of the largest cryptocurrency
in the space. However, the damage has already been done as tens of
thousands of crypto traders were flushed out of their leveraged
positions as a result. 81,000 Crypto Traders Lose $220 Million The
Bitcoin flash crash hit support just above $68,800 but crypto
traders are already feeling the brunt of the large move. In the
last day, more than 81,000 traders have lost their leveraged
positions and the volume of their liquidations have piled up.
Related Reading: Shiba Inu Dips Below $0.00003 Again – Can Bulls
Reverse The Bullish Momentum? According to data from Coinglass, the
numbers have climbed above 81,400 crypto traders who were
liquidated as a result of the crash. In total, over $223 million
was also lost during this time from all of the flushed positions.
Then, the single largest liquidation took place on the OKX exchange
across the ETH-USD-SWAP pair. This trader alone lost $7 million
when their position was liquidated. As expected, the majority of
the losses have come from long traders, with Coinglass showing a
total of 70.01% of the liquidated positions being longs. This means
that long liquidation volumes climbed above $156 million during the
last 24 hours. The crypto exchange with the largest liquidation
volumes was the OKX exchange, accounting for 46.87%, or $104.61
million, of all liquidations. Binance came in second place with
38.72%, or $86.41 million. Meanwhile, Bybit saw the third-largest
liquidation volume at 8.4%, or $18.75 million. Bitcoin, Ethereum,
And Dogecoin Lead Liquidations Naturally, the crypto assets with
the largest liquidation volumes have been Bitcoin and Ethereum,
with $36.1 million and $28.98 million. However, meme coins such as
Dogecoin and PEPE have seen their own numbers ramp up as well.
Dogecoin’s liquidation volumes came out at $10.4 million for the
24-hour period, which put it ahead of Solana with $8.3 million.
Then coming up behind Solana is PEPE, with liquidation volumes
climbing as high as $7.1 million. Related Reading: Prepping For
$100,000: Bitcoin Shark And Whales Spend Over $18 Billion To Buy
BTC Across all of these cryptocurrencies, long traders continue to
suffer massive losses. Even in the shorter timeframe, the trends
for long traders continue to look bleak. Coinglass data shows that
in the last 12 hours, long traders accounted for 85.64% of
liquidations. Then, in the 4-hour and 1-hour timeframes, they
account for 6.182% and 72.62%, respectively. As for the Bitcoin
price, bulls continue to struggle as resistance at $69,500 mounts.
The price is currently trading at $69,450 at the time of this
writing, with a 1.1% decline in the last day, according to data
from Coinmarketcap. BTC price drops below $70,000 | Source: BTCUSD
on Tradingview.com Featured image from Coinpaprika, chart from
Tradingview.com
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