Overview of the Recent Market Crash
In a significant turn of events, the cryptocurrency market recently experienced a drastic downturn, leading to liquidations totaling $277,480,000. Liquidation, in this context, refers to the compulsory closing of trading positions, which occurs when market movements go against traders’ expectations. This event is a clear indication of the volatile nature of the cryptocurrency market.
Bitcoin and Ethereum: Major Players in the Liquidation
The Bitcoin market was notably impacted, with liquidations reaching a staggering $88.40 million over the past 24 hours. Long positions, which are essentially bets on price increases, were hit hardest with $79.05 million liquidated. Short positions, on the other hand, represented $9.35 million in liquidations. This scenario unfolded as Bitcoin’s price, which was approximately $72,716.02 on October 29, saw a decline of 4.7% overall, with a 3.8% drop occurring within just 24 hours.
Ethereum followed with the second-highest liquidation figures, amounting to $44.96 million. Long liquidations accounted for $40.74 million, while short liquidations were $4.22 million. Ethereum’s price, recorded at $2,658.99 on October 30, has since dropped by 6.14%, including a 4.9% decrease within the last day.
Other Top Cryptocurrencies and Liquidation Trends
Solana’s market experienced liquidations totaling $15.16 million over the last 24 hours, with long liquidations at $14.38 million and short liquidations amounting to $787.42 thousand. Solana’s price reflected a 4.6% decrease in the same period.
Dogecoin also faced significant liquidations of $12.80 million, driven by long liquidations of $9.90 million and short liquidations of $2.90 million. The price of Dogecoin fell by 7.6% during this period.
On a broader scale, the total market capitalization of cryptocurrencies dropped by 5.4% in the last 24 hours, with overall liquidations amounting to $279.31 million. Long liquidations were $248.73 million, whereas short liquidations constituted $30.57 million. These figures underline the substantial impact across major cryptocurrencies, indicating a pronounced volatility in the market.
Exchange-wise Liquidation Overview
Among the exchanges, Binance registered the highest liquidation figures at $119.00 million, with long liquidations of $105.27 million and short liquidations of $13.72 million. This suggests that traders on Binance might have been employing higher leverage or taking on more risk, resulting in substantial losses.
Following Binance, the Bybit exchange recorded $63.97 million in liquidations, encompassing $57.56 million in long liquidations and $6.41 million in short liquidations. The OKX exchange saw a total liquidation of $59.59 million, with long liquidations at $51.57 million and short liquidations at $8.01 million.
HTX witnessed $25.82 million in liquidations, with long positions at $24.12 million and short positions at $1.70 million. CoinEx recorded $7.37 million in liquidations, with $6.69 million in long positions and $68.78 thousand in short positions.
The figures from Binance leading the pack reflect the considerable impact on traders, underscoring either high leverage use or an increased exposure to market risks.
