Liquidations in the crypto market have risen sharply in the last day. Bitcoin fell below $22,000, causing sharp losses for traders. These traders were clearly following the recent bullish trend in the market but are now paying dearly for it. Over 150,000 traders have now lost their positions, leading to one of the worst liquidation trends to be recorded in 2022.
Over $600 Million in Crypto Liquidated
The liquidation rate in the last one day has started worrying investors in the market. This shows how much traders have begun to rely on the market’s recovery. However, this proved to be a misstep, and bitcoin is now trading in the mid-$21,000 range.
Data from Coingglass shows that 168,586 transactions were liquidated in the past day. A cumulative $602.71 million has been lost by traders, most of which at the time of writing has come in the last 12 hours alone. Clearly, most of these liquidations were long liquidations, with further data showing that 88.85% of all trades were long trades.
In the last 12 hours alone, the total of liquidations has increased to $435.54 million. This is the worst liquidation ever in 2022. The last time liquidations hit this high was back in June when bitcoin fell from $30,000, ending at $17,6000 before recovering.
Market liquidations ramp up | Source: Crypto Total Market Cap on TradingView.com
Liquidations from bitcoin were over $223M in the previous day, with 10.38K liquidated in BTC. Crypto exchange OKEX accounted for 48.47% of all BTC liquidations and 98.88% of long trades.
Altcoins haven’t survived the slaughter
While bitcoin saw more liquidations in the crypto market, that doesn’t mean the altcoin was left off the bloody start to Friday. Naturally, the rest of the crypto market follows the price of bitcoin, and with the downtrend, other altcoins have followed suit.
Ethereum was the second hardest hit in the market. Trailing behind Bitcoin, the altcoin liquidated a total of 95.56K ETH in the last day, bringing a total of $161.93 million. On the 4-hours chart, ETH liquidations have surpassed BTC with $30.43 million for the former and $21.04 million for the latter.
Others that have seen major liquidations in the past include Ethereum Classic (ETC), Solana (SOL), and Filecoin (FIL). Each of these cryptocurrencies has recorded liquidations of $25.63 million, $14.80 million and $12.45 million respectively.
Others have looked at the bottom of double-digital liquidations with Dogecoin leading the pack. This turned out to be $9.65 million for DOGE, $7.19 million for ADA, and $5.33 million for LINK. XRP and AVAX round out the list for the top 10 with $5.19 million and $5.17 million liquidated respectively.
Featured image from Wamda, chart from TradingView.com
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