More than $400 million has been liquidated from the cryptocurrency markets Bitcoin BTC/USD fell 8% to a low of $36,350 on Thursday.
What happened: Total liquidations surpassed $406 million in the last 24 hours, according to data from Coinglass.
At the time of writing, 103,600 traders had been liquidated, most of whom were holding long positions.
$165 million in #Bitcoin long liquidations today.
This is the highest daily long liquidation amount since the crash in late January 2022. pic.twitter.com/vwfp0ZzQNb
— On-Chain College (@OnChainCollege) May 6, 2022
On-chain analysts noted that the magnitude of long liquidations today was the highest since the crypto crash in late January.
At the time of writing, there were $342 million in long liquidations and $62 million in short liquidations.
Also Read: Bitcoin, Ethereum, Dogecoin Drop: More Pain Ahead Or Will ‘FUD So’ Cause A Crypto Spike Soon?
Bitcoin BTC/USD and ether ETH/USD were liquidated $192 million and $64 million, respectively.
among altcoins, ApeCoin (APE) saw the most liquidations, with traders losing $11.98 million. STEP (GMT) and Solana (SOL) has recorded over $9 million in liquidations.
Dogecoins DOGE/USD recorded $4.62 million worth of liquidations as the meme coin lost 6.7% to fall to $0.12.
The cryptocurrency sell-off came despite the news that it is the world’s largest crypto exchange binance contributed $500 million Elon Musk’s $44 billion Twitter Inc TWTR take.
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