Over the past 24 hours, the cryptocurrency market has witnessed substantial liquidations totaling $223.34 million. Prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have experienced sharp price declines, underscoring the heightened volatility and instability in the market.
Bitcoin has been at the forefront of these liquidations, with $84.20 million worth of BTC being wiped off the market. This translates to approximately 1,180 BTC being taken out of circulation. The extreme volatility of Bitcoin has resulted in significant losses for investors involved in margin trading, making BTC transactions increasingly risky as market fluctuations escalate.
Following closely behind, Ethereum has seen $35.13 million in liquidations, resulting in the removal of 13,410 ETH from the market. ETH generally moves in tandem with BTC and is also influenced by developments in the DeFi and NFT sectors, which contribute to its price volatility.
Other altcoins, such as Solana, Dogecoin, and Sui, have also been affected by this wave of liquidations. Solana experienced a loss of $16.18 million, while Dogecoin saw a liquidation of $14.18 million, making them among the hardest-hit altcoins. Various other altcoins have also reported significant liquidations.
The majority of these liquidations took place on major exchanges, with Binance leading the way with $124.13 million in liquidations. OKX, HTX, and Bybit followed suit, experiencing liquidations of $56.39 million, $21.07 million, and $10.96 million, respectively.
Throughout this process, a total of 64,568 traders have suffered losses. An $18 million liquidation of the BTC/USDT pair on Binance serves as a reminder of the potential risks associated with leveraged trading.
This substantial wave of liquidations serves as a reminder of the volatile nature of the cryptocurrency market. Traders should remain vigilant of the risks involved and adjust their strategies according to market conditions.
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Disclaimer: The information provided in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry a significant level of risk. It is recommended that they conduct their own research before making any investment decisions.
