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The cryptocurrency market has seen over $1 billion in liquidations in a dramatic 24-hour downturn, defying traders’ bullish predictions.
Following a sharp decline, the cryptocurrency market has witnessed liquidations exceeding $1 billion, with data from Coinglass highlighting a significant drop in global crypto market capitalization.
This downturn resulted in the majority of the liquidations hitting long positions, countering the anticipated market bullishness.
Coinglass reports reveal that the split between liquidated positions consisted of $815.63 million in longs versus $261.46 million in shorts across various exchanges within the last day. Bitcoin faced $317.44 million of these liquidations in 24 hours, divided into $218.61 million longs and $98.83 million shorts.
This liquidation spree comes after Bitcoin hit a record high of $69,170 on March 5, only for the market to retract and see millions in trades pulled out within an hour of reaching this peak.
Moreover, a single trader lost $1.04 million in Bitcoin on the Bybit platform as prices momentarily recovered to $66,500.
Among exchanges, Binance led the charge with $26.85 million in liquidations, followed closely by OKX and Bybit, which saw $24.39 million and $8.88 million, respectively, according to Coinglass.
Furthermore, the overall open interest in the crypto market has dipped by 1.1%, now standing around $67.3 billion, signaling a broader market correction amidst the recent sell-off.
