Leveraged traders have been hit hard after Bitcoin (BTC) suddenly plummeted below $58,000, dragging other cryptocurrencies down with it.
Liquidation Frenzy
According to Coinglass, over $448 million in cryptocurrencies have been liquidated in the past 24 hours. Over 84% of these liquidations were from traders who had borrowed money to bet on rising prices (leveraged longs).
Major Exchanges Affected
OKX led the way with $171 million in liquidations, followed by Binance ($170 million), Huobi ($45 million), and Bybit ($37 million).
Bitcoin Takes the Brunt
Bitcoin accounted for the majority of liquidations, with $167 million worth of long positions liquidated. Ethereum (ETH) also saw significant liquidations, with $115 million worth of positions closed.
Other Notable Liquidations
- Solana (SOL): $17 million
- Dogecoin (DOGE): $13.5 million
- Pepe (PEPE): $6.6 million
Market Update
At the time of writing:
- Bitcoin: $57,429 (down 6%)
- Solana: $123 (down 5%)
- Dogecoin: $0.12 (down 9%)
- Pepe: $0.00000619 (down 8.6%)
Cautionary Note
Cryptocurrency investments are highly volatile and carry significant risk. Investors should conduct thorough research before making any investment decisions.
