The market is seeing red all over and could be in for a rough few weeks.
Liquidations in the crypto market are beginning to mount as news of Silvergate shutting down and the lawsuit against KuCoin is digested. Over the past 24 hours, liquidations have crossed $306 million, with Bitcoin being the most liquidated at $119.2 million. Ether follows with $75.5 million.
Unsurprisingly, nearly all the liquidations are on traders with long positions opened. Their positions were not entirely unwarranted, as before the recent reversal, the market had looked like it was building up momentum.