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$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

  • Posted On - 2021-04-19 06:06:10

Record-setting liquidations worth $10 billion in the last 24 hours as the entire crypto market plummeted by double-digit percentages. 

The enhanced volatility in the last day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

  • CryptoPotato reported earlier today the adverse cost developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 

  • As it normally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the United State Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 

  • While the reason is still debated, the severe value drops caused pain for traders. Information from Bybt shows a whopping cost of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  

  • Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.

  • More interestingly, the largest single liquidation order happened on Binance and it had a face price of a whopping $68.73 million.

Source: https://cryptopotato.com/10-billion-in-liquidations-as-the-crypto-market-cap-evaporated-360b-in-hours/