- The crypto market experienced a massive $1.15 billion in liquidations, primarily affecting long positions in BTC and ETH
- BTC fell 17% and ETH dropped 22.8% against the USD, contributing to a broader market decline of 17.64%
- Trading volume surged by 215.96% as the market adjusted, with over 300,000 traders impacted by the sudden shifts
On Monday morning, the cryptocurrency market took a big hit, with $1.15 billion in liquidations. Prices for BTC and ETH fell pretty steeply, leading to some pretty hefty losses for traders.
Mass Liquidation Frenzy
The crypto market lost $1.15 billion in derivatives positions by 9 a.m. EDT on Monday. Of that, $975.93 million was in long positions. BTC positions lost around $403.82 million, while ETH positions lost $364.98 million.
The market took a big hit yesterday, dropping 17.64% in the last 24 hours to a low of $1.78 trillion. During this time, global trading volume shot up by 215.96% compared to Sunday, mostly because of selling pressure.
BTC and ETH Suffer Major Losses
BTC reached a high of $70,000 per unit on July 28, but it’s since fallen significantly. In the past 24 hours alone, BTC’s value in USD dropped by 17%, with major losses recorded during the overnight and morning trading sessions.
Ethereum (ETH) saw a 22.8% drop against the US dollar, and many other crypto assets suffered losses greater than 20%. This selling wave led to a lot of crypto derivatives being liquidated over the past day. A massive $1.15 billion was wiped out in 24 hours, with $975.93 million or 84.86% in long positions.Â
Just bitcoin positions alone accounted for $403.82 million, or 35.11% of the day’s liquidations. ETH derivatives made up 31.74% of the day’s decline, and $47.5 million in long SOL positions were also liquidated. In the past day, an astonishing 307,158 traders were caught off guard by the market movement, with the largest liquidation happening on Huobi when a BTC position lost $27 million.
Conclusion
The cryptocurrency market has seen a huge wave of liquidations recently, which has left many traders surprised. With BTC and ETH values falling, it will be interesting to see how things develop over the next few days.
