Crypto Traders Lost $421 Million In Liquidations For The Past 24 Hours

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	19,046,343,618	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

19,046,343,618

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0026	2.00%	0.13262	0.13258	0.13262

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0026

2.00%

0.13262

0.13258

0.13262

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.13448	0.12394	0.13001	0.13002	0.055475 - 0.228990

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.13448

0.12394

0.13001

0.13002

0.055475 - 0.228990

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:53:45	29.90	0.13262	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:53:45

29.90

0.13262

USD

Price x Volume	Volume	Base Symbol	Related Pairs
65,849,962.90	504,016,324.48	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

65,849,962.90

504,016,324.48

Crypto Traders Lost $421 Million In Liquidations For The Past 24 Hours

09/05/2022 5:00pm

NEWSBTC

The crypto market has been bouncing back and forth in the past few days. Over 124,003 traders saw more than $421 million liquidated in a 24-hour period as prices tumbled wildly throughout yesterday and today. The crypto market is falling to new lows not seen since November. With a total loss of $421 million, Bitcoin (BTC) accounted for most of the losses, followed closely by Ethereum (ETH). Related Reading | TA: Ethereum Bears Aim Big After Recent Breakdown Below $2.5K Crypto Traders Liquidations Figure Most of these liquidations occurred on Binance, FTX, and Okex. As a result, Bitcoin traders lost 4,340 BTC worth $144 million, Ethereum traders lost 50,180 ETH worth $121.81 million, and LUNA traders lost 264,350 coins worth $15.99 million. Other major cryptocurrencies showed relatively lower losses. Futures tracking Tron’s TRX saw $8 million in losses, followed by Solana’s SOL at $7.54 million. Dogecoin’s DOGE showed $7.24 million while Stepn’s GMT losses reached $6.93 million. Among other alternative currencies, Ripple (XRP) futures saw a loss of $6.1 million, followed by Appcoin (APE) at $5.95 million. The 12 hours of liquidation figures show the losses of $286 million from all major cryptocurrencies. According to Coinglass data, traders lost 77.5% ($327 million) of the total liquidation amount betting on longs. $129 million liquidations happened on Okex, while traders on FTX lost $107 million. Binance traders are on 3rd, losing $94 million in liquidations. In case anyone isn’t aware of what futures “liquidations” are, it’s best to take a brief look at the workings of margin trading. When an exchange closes a leveraged position, it’s called a liquidation. This happens when there is a partial or total loss of the trader’s initial margin. Liquidations happen mostly in futures trading. Because that only tracks asset prices, unlike spot trading, where traders own the actual assets. Crypto Market Correlation If we look at cryptocurrency prices from November 2021, they have gone down a lot. The total value of all cryptocurrencies has dropped by almost 50%. In November 2021, the total crypto market capital reached $2.79 trillion while now it is at $1.49 trillion according to Tradingview. Bitcoin market cap in November 2021 crossed $1.26 trillion, which is about 45% of the total market cap. Related Reading | Bitcoin Carnage Continues As BTC Disintegrates To $34K It is unclear what caused the sell-off, but it is happening during a downturn that is affecting all markets, including cryptocurrencies. This suggests that the crypto market is becoming more like traditional markets. The S&P 500 and other big tech firms have been more strongly related to crypto in the past year. That is why the crypto market is more tightly connected to the global economy. Featured image from Pixabay and the chart from tradingview.com

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DOGEUSD Dogecoin