Over $87.45 million in Bitcoin was liquidated in the last 24 hours.
BTC price was down by 5% in a day.
Following prominent crypto exchanges such as the Coinbase announcement, which made its distance with Silvergate bank, Bitcoin, Ethereum, and the rest of the cryptocurrency market have just taken a significant blow. A sharp decline in the price of Bitcoin and across the global crypto market has sparked a flood of liquidations.
The March madness over the crypto market has seen a sudden plunge in the Bitcoin price after the initial appearance of the bad news on the likely collapse of cryptocurrency-related bank Silvergate. That triggered deluge of liquidations across the crypto markets.
According to data from CoinGlass, more than $221 million in crypto assets were liquidated in just 12 hours. Also, the data shows that in the past 24 hours, 84,133 traders liquidated $255 million in cryptocurrency holdings.
Cryptocurrency Liquidation data (Source: CoinGlass)
The most severely affected traders were those who were long-term holders of Bitcoin and Ethereum, with $76 million and $40 million in liquidations, respectively. Over $76.51M BTC and $41.08M ETH have been liquidated.
Sudden Shake in Crypto Market
The largest crypto Bitcoin’s (BTC)price flew from $23K to $22K in a matter of minutes. At the time of writing, Bitcoin traded at $22,363 with a 24-hour trading volume of $34B. BTC was down by 5% in a day and 6.6% in a week. Also, the largest altcoin Ethereum (ETH) traded at $1,569, decreased by 4.5% in the last 24 hours and 5% in a week. ETH holds a trading volume of around $10M, as per CoinGecko data.
Further, Elon Musk’s favorite cryptocurrency Dogecoin (DOGE) also facing massive liquidation. Around $4.77M DOGE coin liquidated by traders. At the time of writing, the memecoin’s price declined by over 6% in a day and 10% in a week.