Panic In The Crypto Market: Liquidations Explode On Binance

After flirting with $73,500, Bitcoin has dropped back to $69,000, prompting a wave of discontent among crypto traders. This wave of forced sales led to massive liquidations, with the largest impacting market leaders, Bitcoin and Ethereum. A look back at the amounts at stake and the exchange platforms particularly affected.

The shock of liquidations: nearly $280 million evaporated

In an already tense crypto climate, with a broken dream of $75,000 for Bitcoin, the market has experienced a true tidal wave with massive liquidations totaling $277.48 million in just 24 hours.

Bitcoin led the dance with losses of $88.4 million, closely followed by Ethereum, which was not spared, with $44.96 million going up in smoke.

Losses on long positions are hitting new highs:

• Bitcoin: $79.05 million;
• Ethereum: $40.74 million;
• Solana: $14.38 million.

On short positions, BTC and ETH also recorded $9.35 million and $4.22 million in liquidations respectively.

For other cryptos like Solana and Dogecoin, losses are around $15 million and $12 million. The price declines, nearly 4.7% for BTC and 6.14% for ETH, illustrate the market’s volatility.

Crypto exchanges facing the hemorrhage of liquidations

On the exchange platform side, Binance leads the way with $119 million liquidated, reflecting the high exposure and risk-taking of traders on this platform. Bybit and OKX closely follow with liquidations of $63.97 million and $59.59 million respectively, confirming the gravity of the situation.

With long positions closed for $57.56 million on Bybit and $51.57 million on OKX, it is clear how traders have not escaped the brutal price drop. On HTX, $25.82 million has been liquidated, while CoinEx recorded more modest losses of $7.37 million.

This massive loss table shows how, across different crypto exchanges, high leverage exposes users to the consequences of abrupt market fluctuations.

This episode recalls the massive liquidations of September, which had revived fears of a 75% market collapse.