Crypto Market Liquidations Reach $830 Million, When Will It Stop Bleeding?
Crypto liquidations across the market have ramped up in the last 24 hours. Digital assets in the space suffered declines in the last day, which has led to hundreds of millions of dollars being wiped from traders. These l...
Crypto liquidations across the market have ramped up in the last 24 hours. Digital assets in the space suffered declines in the last day, which has led to hundreds of millions of dollars being wiped from traders. These liquidations span the entire crypto market with hundreds of thousands of traders getting caught in one of the worst liquidation events of 2022.
$830 Million Shaved Off Crypto MarketIn the space of 24 hours, there have been more than $830 million in liquidations recorded across the crypto market. It marks the second-largest liquidation event recorded so far in 2022, only coming out slightly under the October liquidation numbers.
Naturally, given that the price of digital assets across the space has been in decline, long traders have suffered the worst of the liquidations. Over 70% of the liquidation numbers have come from long traders. More than 33% of these volumes were recorded on the Binance crypto exchange with FTX following closely behind at 21.77%.
Liquidations cross $830 million | Source: CoinglassA total of 392,043 traders have been liquidated in the one-day period with the largest single liquidation order taking place on the Binance exchange. The trade was placed on the BTCUSDT pair on the exchange and was worth $6.70 million.
Total market cap falls to $832 billion | Source: Crypto Total Market Cap on TradingView.com Loss Leaders In 24 HoursIn any liquidation event, digital assets such as Bitcoin and Ethereum always lead the pack. However, the decline of the FTX crypto exchange has brought about some strong contenders during this time. The crypto exchange which recorded the second-largest liquidation volumes saw its native token FTT suffer significant losses.
Over the 24-hour period, there have been 5.75 million FTT tokens liquidated worth $26.6 million. This makes it the token with the fourth-largest liquidation volumes, coming right behind Solana (SOL) which FTX also had exposure. 3.26 million SOL worth $53.66 million had already been liquidated at the time of this publication.
Even with almost $1 billion in liquidations already, there doesn’t seem to be an end to the bloodbath just yet. Bitcoin has once again fallen to the $17,000 level, still holding above the previous cycle low of $17,600, but with no support building up. Any wild movements similar to what was experienced on Tuesday could easily bring the liquidation figures up to $1 billion.
Featured image from Bitcoinist, chart from TradingView.comFollow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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