Bitcoin Drop Triggers Over $71 Million in Liquidations Across Exchanges

UTC by Chimamanda U. Martha · 2 min read
Bitcoin Drop Triggers Over $71 Million in Liquidations Across Exchanges
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This week, the crypto market has witnessed massive liquidations as Bitcoin (BTC) fell to a new one-month low of $64,000 for the first time since May.

The drop, which occurred on June 18, triggered extensive liquidations across several exchanges, resulting in investors losing up to $500 million. Since the initial decline, the bears have maintained control of the market, with many altcoins falling below their previous May highs. As of June 20, more than $71 million was liquidated on crypto exchanges within the past 24 hours alone.

Impact on Traders

According to data from blockchain analytics company CoinGlass, approximately 32,831 traders were affected during the liquidation period, which primarily took place on major exchanges such as Binance, OKX, Bybit, HTX (formerly Huobi Global), and BitMEX.

Binance users suffered over $32 million losses followed by OKX which contributed about 35% to the total liquidations. The total value of liquidated positions on the exchange sits above $24 million.

According to the CoinGlass data, the largest single liquidated order happened on OKX. The order was worth around $1.1 million and involved the ETH/USDT trading pair.

Bitcoin and Other Altcoins

In terms of asset category, Ethereum (ETH price data) users took the hardest hit with over $18 million leveraged positions closed on the network. Long traders recorded a combined loss of approximately $9 million while short traders took a brutal hit of nearly $10 million.

As for Bitcoin (BTC price data) which controls the most significant market share in the industry, only saw $11.1 million in leveraged positions liquidated.

Bears took out over $6 million from short positions while long traders suffered a modest lost of $5 million.

Other altcoins were not left behind as the bears also took control of their leveraged positions. According to CoinGlass data, both long and short traders witnessed a combined loss of about $8.55 million.

Digital assets such as Solana (SOL price data) and Dogecoin (DOGE price data) recorded $4.73 million and $1.21 million respectively in liquidation in the last 24 hours.

Continuous Liquidations

Crypto liquidations have become a common phenomenon in the industry, as the bears never sleep. In the last 60 minutes alone, more traders were liquidated.

CoinGlass data indicates that about $1.58 million has been wiped out from the crypto market within this short period. Traders with open leveraged positions on BTC, Ether, ORDI (ORDI price data), NOT (NOT price data), NEAR (NEAR price data), NEO (NEO price data), and WLD (WLD price data) all experienced significant losses.

Meanwhile, as the market continues to navigate through these turbulent times, investors and traders are urged to exercise caution and employ risk management strategies to mitigate potential losses.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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