Crypto Market Loses $96M in Liquidations as Bitcoin Price Drops to $65,000

UTC by Chimamanda U. Martha · 2 min read
Crypto Market Loses $96M in Liquidations as Bitcoin Price Drops to $65,000
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The liquidations primarily took place on centralized exchanges, with Binance recording the largest single liquidation order of around $4.21 million.

The crypto market has faced significant turmoil over the past few months, with Bitcoin (BTC) and other digital assets struggling to regain their previous highs recorded in March 2024.

Last week, Bitcoin fell 2.5% from a daily high of $69,547 to a low of $66,018, resulting in nearly $200 million in liquidations of leveraged positions. This downward trend continued, and on June 17, BTC dropped further to $65,890.

This drop triggered a wave of massive liquidations, with approximately $96 million wiped out from the market in the last 24 hours. About 53,234 traders, who had bet heavily on Bitcoin’s expected price performance, were affected.

Long Traders Hit with $62 Million Losses

According to data from blockchain analytics company CoinGlass, long traders suffered around $62.14 million in losses during this period, while short traders experienced a modest loss of $32.91 million.

Ethereum, the second-largest digital asset, took the hardest hit, with $21.36 million liquidated, while Bitcoin users recorded around $10.54 million in liquidations.

Other cryptocurrencies such as Solana (SOL), Worldcoin (WLD), as well as meme coins like PEPE (PEPE) and Dogecoin (DOGE), suffered combined losses of $21.31 million.

Long traders on Ethereum registered losses of around $7.31 million, and short sellers faced about $14.05 million in losses over the last day. As for Bitcoin traders, long sellers recorded $6 million in losses, while short sellers registered about $4.48 million in losses.

Centralized Exchanges Bear the Brunt

The liquidations primarily took place on centralized exchanges, with Binance recording the largest single liquidation order of around $4.21 million.

Binance, the world’s largest crypto exchange, contributed more than half of the funds liquidated from the crypto market in a single day. According to CoinGlass, Binance users lost about $48.21 million, accounting for 51.07% of the total liquidations. Other crypto exchanges, such as OKX, Bybit, and Huobi Global (recently rebranded as HTX), also suffered significant losses. These digital asset trading platforms liquidated around $29.63 million, $8.17 million, and $5.83 million, respectively, representing 31.16%, 8.59%, and 6.16% of the total liquidations.

Since the beginning of this month, all liquidations have primarily occurred on centralized exchanges. On June 7, $400 million were wiped out from the market, with all the liquidations occurring on exchanges like Binance, Kraken, Bybit, and others.

This past week alone, the industry registered liquidations amounting to $190.97 million, all of which took place on centralized exchanges.

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