Bitcoin started the new week on a rather low note. after a flash crash, the price fell below $69,000 once again. Since then, there has been some recovery in the price of the largest cryptocurrency on the market. However, the damage has already been done, as tens of thousands of cryptocurrency traders have been forced out of their leveraged positions as a result.
81,000 Crypto Traders Lose $220 Million
Bitcoin’s flash crash has reached support just above $68,800, but cryptocurrency traders are already feeling the impact of the big move. In the last day, more than 81,000 traders lost their leveraged positions and the volume of their liquidations increased.
According to data From Coinglass, the numbers surpassed 81,400 crypto traders who were liquidated as a result of the crash. In total, more than $223 million was also lost during this period across all released positions. Then, the biggest sell-off occurred on the OKX exchange in the ETH-USD-SWAP pair. This trader alone lost $7 million when his position was liquidated.
As expected, the majority of losses came from long traders, with Coinglass showing a total of 70.01% of liquidated positions being long. This means that long-term settlement volumes exceeded $156 million during the last 24 hours.
The crypto exchange with the highest settlement volumes was Trade OKX, accounting for 46.87%, or US$104.61 million, of all settlements. Binance came in second with 38.72%, or $86.41 million. Meanwhile, Bybit recorded the third highest liquidation volume, up 8.4%, or $18.75 million.
Bitcoin, Ethereum and Dogecoin lead liquidations
Naturally, the crypto assets with the highest liquidation volumes were Bitcoin and Ethereum, with US$36.1 million and US$28.98 million. However, meme coins like Dogecoin and PEPE also saw their own numbers increase.
Dogecoin’s settlement volumes reached $10.4 million in the 24-hour period, putting it ahead of Solana with US$8.3 million. So coming up behind Solana is PEPEwith settlement volumes reaching US$7.1 million.
In all of these cryptocurrencies, long-term traders continue to suffer massive losses. Even in the shorter period, the trends for long-term traders remain bleak. Data from Coinglass shows that in the last 12 hours, long-term traders accounted for 85.64% of liquidations. In the 4-hour and 1-hour intervals, they account for 6.182% and 72.62%, respectively.
About the Bitcoin Price, bulls continue to struggle as resistance rises at $69,500. The price is currently trading at $69,450 at the time of writing, down 1.1% in the last day, according to data from Coinmarketcap.
BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Coinpaprika, chart from Tradingview.com
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