Bitcoin Sees Flash Crash: Over $223 Million Lost in Liquidations

Bitcoin Sees Flash Crash: Over $223 Million Lost in Liquidations

The recent flash crash in Bitcoin’s price has sent shockwaves throughout the cryptocurrency market, with the price dropping below $69,000 in a matter of moments. This sudden drop has resulted in massive losses for thousands of crypto traders who were caught in leveraged positions.

According to data from Coinglass, more than 81,400 traders were liquidated as a result of the crash, leading to a total loss of over $223 million from flushed positions. The majority of these liquidations came from long traders, accounting for 70.01% of the total liquidated positions.

Among the exchanges, OKX led the pack in terms of liquidation volume, representing 46.87% of all liquidations, with losses totaling $104.61 million. Binance followed closely behind with 38.72% of the total liquidations, amounting to $86.41 million. Bybit rounded out the top three with 8.4% of the liquidation volume, resulting in $18.75 million in losses.

Bitcoin and Ethereum saw the highest liquidation volumes, with losses of $36.1 million and $28.98 million, respectively. Surprisingly, meme coins like Dogecoin and PEPE also experienced significant liquidation volumes, with Dogecoin totaling $10.4 million and PEPE reaching $7.1 million in losses.

Long traders across all cryptocurrencies continue to suffer massive losses, with Coinglass data showing that they accounted for 85.64% of liquidations in the last 12 hours. Even in shorter timeframes, long traders are facing bleak trends, with 6.182% and 72.62% of liquidations in the 4-hour and 1-hour timeframes, respectively.

Despite some recovery, Bitcoin bulls are struggling to push the price above $69,500 as resistance mounts. The current price of Bitcoin stands at $69,450, reflecting a 1.1% decline in the last day, according to Coinmarketcap data. This continued struggle in the market has left many investors wary of the volatile conditions.

The recent flash crash in Bitcoin’s price has had a significant impact on the cryptocurrency market, resulting in over $223 million in losses from liquidations. As long traders continue to face mounting losses, it is clear that the market remains volatile and unpredictable. Investors are advised to exercise caution and conduct thorough research before making any investment decisions in such a challenging market environment.

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