{"id":197270,"date":"2024-03-06T12:02:32","date_gmt":"2024-03-06T12:02:32","guid":{"rendered":"https:\/\/www.techopedia.com\/?post_type=news&p=197270"},"modified":"2024-03-06T18:51:47","modified_gmt":"2024-03-06T18:51:47","slug":"over-1-billion-in-crypto-wiped-out-amid-market-crash","status":"publish","type":"news","link":"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash","title":{"rendered":"Over $1 Billion in Crypto Wiped Out Amid Market Crash"},"content":{"rendered":"

The cryptocurrency market has seen over $1 billion in liquidations in a dramatic 24-hour downturn, defying traders’ bullish predictions.<\/strong><\/p>\n

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.<\/p>\n

This downturn resulted in the majority of the liquidations hitting long positions, countering the anticipated market bullishness.<\/p>\n

Coinglass reports reveal that the split between liquidated positions consisted of $<\/span>815.63 million<\/span> 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.<\/p>\n

\"Crypto
Crypto liquidations heatmap | Source: Coinglass<\/figcaption><\/figure>\n

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.<\/p>\n

Moreover, a single trader lost $1.04 million in Bitcoin on the Bybit platform as prices momentarily recovered to $66,500.<\/p>\n

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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":286950,"featured_media":162098,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"news-category":[2140],"class_list":["post-197270","news","type-news","status-publish","format-standard","has-post-thumbnail","hentry","news-category-cryptocurrency"],"acf":[],"yoast_head":"\nOver $1 Billion in Crypto Wiped Out Amid Market Crash - Techopedia<\/title>\n<meta name=\"description\" content=\"The crypto market has seen over $1 billion in liquidations in a dramatic 24-hour downturn\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over $1 Billion in Crypto Wiped Out Amid Market Crash\" \/>\n<meta property=\"og:description\" content=\"The crypto market has seen over $1 billion in liquidations in a dramatic 24-hour downturn\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\" \/>\n<meta property=\"og:site_name\" content=\"Techopedia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techopedia\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-06T18:51:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/02\/trading_chart_03.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@techopedia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\"},\"author\":{\"name\":\"Yana Khlebnikova\",\"@id\":\"https:\/\/www.techopedia.com\/#\/schema\/person\/129434e599ad2c7f1cd7f2c64104c3a1\"},\"headline\":\"Over $1 Billion in Crypto Wiped Out Amid Market Crash\",\"datePublished\":\"2024-03-06T12:02:32+00:00\",\"dateModified\":\"2024-03-06T18:51:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\"},\"wordCount\":221,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/02\/trading_chart_03.jpg\",\"articleSection\":\"\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash#respond\"]}],\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.techopedia.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\",\"url\":\"https:\/\/www.techopedia.com\/news\/over-1-billion-in-crypto-wiped-out-amid-market-crash\",\"name\":\"Over $1 Billion in Crypto Wiped Out Amid Market Crash - 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