The cryptocurrency market is totally red at the moment as strong bearish sentiment sweeps across the industry.
The entire crypto market liquidation crossed the $1 billion mark over the last 24 hours painting a clear picture of how bad things are at the moment.
According to data from CoinGlass the most trusted source for crypto liquidations. Total crypto liquidations over the last 24 hours have reached $1.12 billion with about $936 million of that belonging to long traders expecting a further price hack in their trades.
The remaining funds about $163 million went to short trades.
The coin glass data showed that about 286,370 traders were liquidated in the past 24 hours. The largest single liquidation order happened on Huobi valued at $27 million.
Bitcoin accounts for $375 million in liquidations according to the Data with Ethereum following closely at $354 million. Other assets accounted for about $109 million in liquidations.
On the individual exchanges, Binance leads the chart with a total liquidation of $427.6 million. About $356.01 millions of that was in long positions while $71.61 million was in short positions.
OKX comes in second position with a total liquidation of $334.47 million in liquidations about $275.18 million in Longs and $59.29 million in shorts.
Finally, Huobi recorded $150.43 million in liquidations about $141.22 million in longs, and $9.21 million in shorts.
Consequently, the total crypto open interest decreased by 18.7% and is currently hovering at $47 billion, according to Coinglass.
The Liquidations follow strong bearish sentiments in the crypto markets as a result of several factors including a tense geo-political atmosphere, High Unemployment rates in the US, and a global market meltdown following fears of an impending recession.
According to CoinGecko Data, the Total market capitalization of all cryptocurrencies plunged by 17.1% over the past 24 hours down to $1.86 trillion. The total trading volume of all crypto assets however hit $236 million in the last 24 hours.
The Two leading Crypto assets both witnessed significant drops in price levels falling to multi-month lows following the crash. Bitcoin shockingly dropped below $50,000 early Monday morning while Ethereum dropped below $2,300 for the first time since January.
What to Know
- In cryptocurrency trading, liquidation is when a trader closes a trading position by converting a cryptocurrency asset into stablecoins or fiat currency. This can happen when a trader doesn’t have enough funds to keep a leveraged trade open, or when they want to minimize losses.
- The Global stock market is also experiencing a meltdown with popular traders like Warren Buffet selling off nearly half of his Apple Inc. position during the second quarter.
