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crypto liquidations

Market Liquidations Cross $1.22 Billion Following Bitcoin’s Decline Below $23,000

Best Owie
by Best Owie
3 years ago
·
Posted in Bitcoin, Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto market liquidations have not slowed down since bitcoin’s crash had dragged the rest of the market down with it. Now that the digital asset has crashed below $23,000, the liquidations have quickly ramped up. By Monday, liquidations had quickly crossed $500 million. Before the end of the day, the number had barreled above $1 billion. With the price fluctuating wildly, both long and short traders have found themselves suffering tremendously.

Crypto Liquidations Still Bad

The crypto market liquidations, although looking to have been declining in the early hours of Tuesday, remain just as bad. This is because despite falling below the $1 billion value, the price of bitcoin has not formed any significant support, indicating that there are more crashes to come. What this means is that liquidations are bound to continue.

Related Reading | Lending Platform Celsius Freezes Withdrawals, Raising Liquidity Concerns

Presently, the liquidation numbers are sitting at $907 million at the time of this writing. While the majority of this is still from long traders due to the declining prices, the short traders are not far behind. Coinglass notes that about 52% are from long traders, which means the remaining 47% to 48% are from the short traders.

Naturally, the majority of the liquidation has been from bitcoin. The pioneer cryptocurrency has seen more than $460 million liquidated in the last 24 hours. Ethereum on the other hand has also seen large positions liquidated with $294.72 million positions having been liquidated.

Bitcoin price chart from TradingView.com

BTC trading at low $22,000s | Source: BTCUSD on TradingView.com

The number of traders that were liquidated in this time frame remains about 200,000 though. With the largest single liquidation coming from the Bitmex exchange at a value of $4.46 million.  

Worst Liquidations In Recent History

The current market trend is nothing to write home about. All of the charts are bleeding and investors are losing money right, left, and center. It has culminated in the largest and worse single liquidation event in recent history.

Related Reading | Crypto Winter Has Arrived: Is It Time To Buy The Blood In Bitcoin?

It comes above that of the December 4th liquidations that saw more than 100,000 traders liquidated. However, it was nothing compared to what happened on Sunday. The last 12 hours alone have seen more than $500 million liquidated from the market, a figure that would be considered very high over a 24-hour period.

Altcoins such as SOL, ADA, and BNB have also seen their liquidations ramp up in the last 24 hours. It speaks to the market-wide crash that is rocking the whole market, despite digital assets such as Cardano holding up nicely in terms of price.

Featured image from NewsBTC, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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