There was a round of enormous liquidations on exchanges following record-breaking sell-offs of major altcoins in the larger crypto market. $150 million worth of long positions were closed down as crypto assets like Solana, FTT, and Dodge experienced selling pressure.Â
A total of 86,568 traders liquidated, totalling $149.98 million in value. The greatest single liquidation order, worth $1.60 million, was placed on Bybit.Â
What you should know:Â When an exchange forcibly closes a trader’s leveraged position due to a partial or complete loss of initial margin, it is referred to as a liquidation on a long/short position. When this occurs, a margin call is made, followed by a partial or whole loss of the initial margin due to liquidation.Â
Crypto winter persists:Â Meanwhile, meme coins are also having difficulties. Dogecoin lost 5% while Shiba Inu lost 2.77%. Both still exhibit very high volatility.Â
The cryptocurrency market’s biggest loss was probably Solana. The last 24 hours saw $SOL decline by 14%, wiping out all of its weekly gains.Â
The final hour saw an increase in selling pressure, and the NASDAQ mini began the week in the red.Â
Crypto prices struggle:Â As negative sentiment increases, the prices of cryptocurrencies are struggling. The FTX controversy and the withdrawal that followed are driving a significant selloff in the cryptocurrency market. The price of bitcoin dropped by about 2% the previous day, but it has since risen by 1%.Â
Changpeng Zhou, CEO of Binance, declared that his company would liquidate all of its sizeable holdings of FTX coin FTT. More than 10% has been lost by $FTT. Alameda Research has substantial exposure to unlocked FTT, according to reports. It calls into question FTX and Alameda’s ability to pay their debts.Â
Due to this week’s release of the Consumer Price Index, the cryptocurrency market may experience more liquidity. The US midterm elections may also make the cryptocurrency market volatile.Â
