- Crypto liquidations surpassed $534 million and 200,000 traders have been liquidated in 24 hours
- XRP led with $69 million in liquidations, followed by Bitcoin at $60 million as its price fell below $96,000
- Binance recorded the highest liquidations at $222 million, while crypto trading volumes increased by 38% to $375 billion despite market consolidation
The cryptocurrency market has seen massive liquidations recently, with over $500 million wiped out in the last 24 hours alone. This comes even as the overall market remains relatively flat.
XRP Leads The Way With $69 Million Liquidated
XRP has been the biggest loser so far, with $69 million liquidated in the last day. This includes $36 million worth of long positions and $33 million in shorts. The price of XRP surged over 400% in the past month to reach a local high of $0.285 before retracing.
Bitcoin Sees $60 Million Liquidated As Price Falls Below $96,000
Bitcoin, the largest cryptocurrency by market cap, had $60 million in liquidations over the past 24 hours. This comprised $40 million in longs and $20 million in shorts. The price dipped below $96,000 briefly on Monday, triggering the largest single liquidation order worth $21 million on Binance.
Smaller Altcoins See $108 Million Wiped Out
The broader altcoin market, dominated by smaller cap coins, saw approximately $108 million in liquidations. These were likely triggered by Bitcoin’s price drop, causing fear and uncertainty among altcoin holders.
Binance Leads Exchanges With $222 Million Liquidated
The Binance exchange saw the highest amount of liquidations at $222 million, of which 63% were long positions. OKX and Bybit also saw large liquidation volumes at $134 million and $124 million respectively.
Increased Volatility Despite Sideways Market
The past day’s liquidations come even as the total crypto market capitalization has been trading sideways around $1.66 trillion. In fact, over $12 trillion has flowed into the crypto markets in the past month alone.
This indicates increased volatility and uncertainty despite a directionless market overall. Traders are keeping an eye on the $100,000 price level as a key point for Bitcoin’s next major move.
The Takeaway
Massive liquidations can occur even during periods of low volatility and consolidation. Bitcoin’s price swings have ripple effects across altcoins, causing deleveraged longs and shorts to get wiped out. As always, use proper risk management as cryptocurrencies remain a highly volatile asset class.
