The crypto market experienced a drastic decline on Sunday, which continues today. Top 7 Ico reports that the global crypto market cap has dropped 13.5%. It now stands at about $1.85 trillion.Â
Over the last 24 hours, crypto-tracked futures registered over $1.14 billion worth of liquidations as the market sell-off became more severe on Sunday. The bloodbath was catalyzed by a stronger Japanese Yen and rumors of market maker Jump Trading liquidating its crypto business.
Liquidated bets on Ethereum (ETH) futures totaled over $340 million. Losses on Bitcoin (BTC) futures led the pack to almost $420 million. Futures contracts that tracked Solana (SOL), Dogecoin (DOGE), XRP, and Pepe (PEPE) caused $75 million in liquidations.
More about the Liquidations
Crypto exchange Binance recorded the highest liquidations among the exchanges, with $383.5 million in longs and $74.1 million in shorts. OKX and HTX came in second and third with $354.5 million and $156.3 million, respectively. More info about the liquidation on exchanges below:
- ByBit: $68.5 million in longs and $18.2 million in shorts
- Bitmex: $32.1 million in longs and $4.1 million in shorts
- CoinEx: $25.2 million in longs and $2.5 million in shorts
- Bitfinex: $25.2 million in longs and $1.2 million in shorts
Over 275,000 individual traders were liquidated, and the highest single liquidation order was placed on the cryptocurrency exchange Huobi. The order involved a trade between Bitcoin and US Dollars valued at $27 million. The statistics show that around 87% of all affected traders were long traders who bet on increasing prices.
The liquidations occurred as Bitcoin declined more than 14.8% over 24 hours, while Ethereum experienced a decline of up to 25% before experiencing a modest recovery. Due to the dip, the crypto fear and greed indicator hit its lowest level since early July. It now shows extreme “fear” in the market.
