Over $140,000,000 in Crypto Have Been Liquidated

Massive amounts of crypto have been reportedly liquidated. Check out the latest news about this below.

In the past 24 hours, there has been a significant drop in the value of Bitcoin (BTC), resulting in the liquidation of hundreds of millions of dollars worth of crypto assets.

According to market intelligence firm Coinglass, major crypto exchange platforms saw nearly $140,000,000 worth of digital assets being liquidated as the king crypto retraced from the $31,000 price level.

As of writing, Bitcoin is being traded at $30,305, showing a slight increase for the day, but a 3.8% decrease from its peak of $31,479 in 2023. Recent data shows that Binance, the world’s largest crypto exchange, removed around $48 million worth of derivatives contracts, with most of them being long positions.

Other exchanges such as OKX, Bybit, and Huobi also saw significant liquidation of long and short positions, amounting to $46 million, $25 million, and $8 million, respectively.

Additionally, the crypto analytics firm finds that the digital assets with the most liquidated contracts during the last 24 hours include the king crypto, Ethereum (ETH), Bitcoin Cash (BCH), Solana (SOL), XRP, Polygon (MATIC), Dogecoin (DOGE) and Pepe (PEPE).

BTC’s price drop and the rise in liquidation activity coincide with the release of the latest ADP report.

This report tracks the employment level in the US, which exceeded expectations, causing concerns in the market about potential interest rate hikes.

According to Real Vision founder Raoul Pal, he continues to hold a positive outlook on digital assets despite the bear market.

He has recently increased his investment in one of Ethereum’s (ETH) top competitors and shared a portfolio update during a Bankless interview. Pal, a former executive at Goldman Sachs, remains confident in his investment decisions.

“I don’t change it a lot. I’m very consistent in what I do. It’s still about 80% Solana, a small bit of Bitcoin, and a handful of other things that I bought just to feel the price. I don’t mention them on Twitter because then everyone destroys you and attacks you… Basically, it’s the same portfolio that I’ve had and I don’t really change it…”