Bitcoin started the new week on a somewhat bearish note after a flash crash sent the price below $69,000 once again. Since then, there has been some recovery in the price of the largest cryptocurrency in the space. However, the damage has already been done as tens of thousands of cryptocurrency traders have been kicked out of their leveraged positions as a result.
81,000 cryptocurrency traders lose $220 million
Bitcoin's flash crash has reached support just over $68,800, but cryptocurrency traders are already feeling the brunt of the big move. In the last day, more than 81,000 traders lost their leveraged positions and accumulated liquidation volume.
According to Coinglass data, the numbers rose to more than 81,400 cryptocurrency traders liquidated as a result of the collapse. In total, more than $223 million was also lost during this time from all positions surveyed. After that, the largest liquidation took place on the OKX exchange via the ETH-USD-SWAP pair. This trader alone lost $7 million when his position was liquidated.
As expected, the majority of losses came from long traders, with Coinglass showing that a total of 70.01% of liquidated positions were long. This means that long liquidation volumes have risen to over $156 million over the past 24 hours.
The cryptocurrency exchange with the largest liquidation volumes was OKX, accounting for 46.87%, or $104.61 million, of all liquidations. Binance came in second place with 38.72% or $86.41 million. Meanwhile, Bybit saw the third-largest liquidation volume at 8.4%, or $18.75 million.
Bitcoin, Ethereum and Dogecoin lead to liquidations
Naturally, the crypto assets with the largest liquidation volumes were Bitcoin and Ethereum, at $36.1 million and $28.98 million. However, cryptocurrencies like Dogecoin and PEPE have seen their numbers rise as well.
Dogecoin liquidation volumes reached $10.4 million over a 24-hour period, putting it ahead of Solana by $8.3 million. Solana is followed by PEPE, where liquidation volumes rose to $7.1 million.
Across all of these cryptocurrencies, long-term traders continue to suffer huge losses. Even on a shorter time frame, trends for long-term traders still look bleak. Coinglass data shows that in the past 12 hours, long-term traders accounted for 85.64% of liquidations. Then, in the 4-hour and 1-hour time frames, they account for 6.182% and 72.62% respectively.
For Bitcoin price, the bulls continue to struggle with resistance rising at $69,500. The price is currently trading at $69,450 at the time of writing, with a 1.1% decline in the last day, according to Coinmarketcap data.
BTC price drops below $70,000 | Source: BTCUSD on Tradingview.com
Featured image from Coinpaprika, chart from Tradingview.com
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