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.