Crypto Market Witnesses Over $1bn in Liquidations

In less than 24 hours following a significant downturn in the cryptocurrency market, total crypto liquidations have surged past the $1 billion mark, according to recent data.

The data reveals that within the past day, cryptocurrency liquidations totalled $1.05 billion as the global crypto market capitalisation experienced a decline. Surprisingly, the majority of these liquidations originate from long positions, defying traders’ expectations of a continued bullish trend.

The breakdown of liquidations across exchanges shows that $797 million in long positions and $257 million in short positions were liquidated over the same period.

Bitcoin (BTC) alone witnessed $309 million in liquidations, with $211 million coming from long positions and $98 million from short positions. This occurred despite Bitcoin reaching a new all-time high of $69,170 on March 5. Following the rally, traders swiftly withdrew more than $142 million worth of trading positions within just one hour of Bitcoin reaching its peak.

Notably, a single trader reportedly liquidated $1.04 million in BTC on Bybit as the asset’s price rebounded to $66,500.

Leading the chart in liquidations is Binance with $403 million, followed by OKX and Bybit with $366 million and $106 million in liquidations over the past 24 hours, respectively.

As the crypto market undergoes correction, recent data indicates a 0.65% decline in total open interest, which currently stands at approximately $67 billion.

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